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Final Edition
Volume
165
ESTABLISHED 1S39
Number 4592
New York, N. Y.,
Stability
we can hardly hope for business
stability without resolving issues between Capitalism and Commu¬
nism. Advocates dealing with Russia on a
"get tough" basis, and
says procrastination will mean spread of Communism.
Attacks
buying off communist aggression with American credits, and advo¬
stringent
ternational
a clear statement of
long
objectives and basic func-'
the
Chase
National
of
Commerce, released on
May
2,
the
Business stability prospects rest on many elements in what could
the
International
text
the
world
nomics,
ever,
not
we
can
well
very
instance,
Trade
were
so
wide
we
as
Charter
to allow
ization,
contracts
foreign governV ments recognized as being domi•; nated by Russia, said contracts to
pared
,
without
giv¬
prime
ing
pre
which
carry
been
form
sented
tions with the
Soviet
Union
—and
of
exercise
centered
"now
such
the
address
by
Economics,
C., May 2, 1947.
of
fact.
A
of the debates
Congressman
before the Academy of
World
D.
or
W.
mone¬
stability, the Rus¬
strategy
of aloofness
has
forced this factor, where interna¬
tional
relations
are
concerned,
into the realm of ideology rather
than
*An
credit
careful
reading
the floor of the
on
Congress will support this obser¬
vation.
In short, the nationalistic
(Continued on page 8)
Washington,
Joseph
to
W.
the
Aldrich
but not
the
support
of
ployment,
the International
Chamber suggested numerous
changes and modifications in the
draft.
Its
critique,
A Sound Peisonnel
Policy
Associates,
By GEN. BREHON SOMERVELL*
Executive
Asserting real battle is
now
month in
being waged for free enterprise, Gen.
agement
and
portant
tions
;;
;
be
without
t hi
willing
coop{! oration Of peo-
I'
must
•;
the!
■'
be, <fon
parti ? i of
espritdecorps,
confidence, in
,
,.
You
.
Lt. Gen. Somervell
can
«
their management and pride in the
1
part they carry on in the business
enterprise.
Spirit, or morale, is that intan¬
gible something that, grips and
holds the hearts of
them
on
ward
.
a
and spurs
to feats of extraordinary
achievement,
*
men
when
working
,
to-
common purpose.
of
and
I
conduct
must
❖
Stalin—Magazine
carry open reports to
by Qeneral Somervell
.
&
❖
analysts
and
the effect that
(Continued
the
American
press
an economic crisis will
on
page
4)
on
Ahead
GENERAL CONTENTS
our
American people as
must
show,
recognize,
that
We
See
a
and
investors,
to
Regular Features
From
About Banks
14
Trading
and
Trust
heard
in
16
3
his
was
the
was
the
not
the
of the News
slightest hope of becoming President
friends to launch a campaign for
permitted
some
conviction
that
traditions
and
he
most
for
a
and
that
although
h
e
thought
H
f>
I#'
tremendous
13
ident, he
masses
"too
crat—an
Non-Ferrous
Metals Market
Electric Output
in December 1946.-.
Cottonseed Receipts to March 31
4
9
to
deal
14
11
12
This
Sales
Commercial
March
Federal
of
NYSE
31
v..
Debt
Bond
and
.
on
*57
"isolationist"
*57
Curb at April 15.
*57
NMondav.
Mav
anpeared
5.
on
in
our
s e c
ti
in
o n
a
of
then
the
country.
It
reflected
the
in¬
snobbishness of the Amer¬
nate
*58
pages
Bargeron
issue
indicated.
icans.
We
prate
about
our
democracy with the small as well
as
the*
that he
aristocrat
aristocrat.
an
the
campaigns
1940
"isolationist,"
was
31
an
Carlisle
who
' 11
at March
.............
,*Thece .items
man
31
.
Limit at March
Values
Net RR. Earnings for
December
of
a
from
was
was
m
was
12
Paper Outstanding at
Short Positions
f
foreign
a ts."
diplo
Hotel
that
has
still
was
who
an
.aristo¬
was
"do¬
ing something" for the proletarian,
of course, but mainly because he
with
12
Weeklv
propaganda
hatred,
bow, figuratively, | if not
literally, to aristocracy.
Roosevelt's great hold over the
we
was
uncouth
the
,
been waged to create class
11
Weekly Steel Review
Moody's Daily Commodity Index....
Weekly Crude Oil Production
•
.
workingman to
Englishman for "kowtow¬
ing to the King and Queen," but,
by and large, we have a secret
admiration for the trappings of
royalty and, notwithstanding the
15
15
•'
»•,»».
an
Fertilizer Association Price Index...
Weekly Coal and Coke Output...,..
11
to
to
could
unlettered
an
razz
Paperboard Industry Statistics.....
Weekly Lumber Movement.
April
atrocious
he
out
Gar¬
ner
quite
capable of
being Pres¬
for
was
what
striking objection to Garner's candidacy which I
m a n
me
Third Term
willing to do
going for Roosevelt.n-n ♦.> ■
plain
talking
looking
the
was
Middle
West where
told
he
harder the
very
Cos..
».'
Review
Record
must
7) \
9
11
1940
American
But
Commodity Prices, Domestic Index .13
Weekly Car loadings...
1 r>
Weekly Engineering Construction...
13
customers
page
\' *
New York Exchanges.;.
on
Odd-Lot
General
conducted.
on
It
Washington Ahead of the
..Cover
Garner had
in
him.
make
State of Trade
We
we
.Cover
Items
the
whole.
It.,
NYSE
and employees alike have a
vital
interest in the way the
great in¬
dustrial institutions of
America
are
Page
As
Trading
to provide a stable economic
sys¬
tem that is
satisfactory
Jack
when
Editorial
MooHv's Common Stock Yields
that we
businesses so as
viUf(Continued
requires
the
break out.
Chamber meeting last
Moody's Bond Prices and Yields....
prove
.Baltimore; Md., April 16; 1947; '
*Address
morale
understand
world.
the Charter of the pro¬
free
before the Personnel Association,
of
must
wide
strong
the economic system.
It is a new
problem, as there has not been a parallel to our
high American production in the economic systems of the
In¬
News
Now, just having a philosophy
business and actually
putting
one to work on a
day-to-day basis
are
twoivery different things. You
undoubtedly havd heard members
Building
people
must be
of stabilization and
support
posed International Trade Organ(Continued on page 6)
is
enterprise
or
whether another system will take
its place. Representatives of man¬
agement, gentlemen, are on trial.
J t high degree of
4
nation
system
employees,'; | a
if
man¬
is being waged as to whether we
shall continue under our present
T h ere
pie;
and ^the
with
Paris.
ments of
going through
some trying times.
It has reached
the point where a very real battle
e
vested
By CARLISLE BARGERON
This
well
jfdone
::
func¬
can
the
be
must
conform
than mere lip service. Dayto-day dealings must reflect the
applied philosophy of the business
to show that employer and em¬
ployees can in fact live as part¬
ners
in an enterprise.
these' 'im¬
.
Government
by which they propose to
to the general commit¬
means
more
research. None
we can
-
Stassen—Yes,
measures
<♦>-
such
as production,
sales, engi¬
neering and
of
by
the
of
a
having state monopolies
foreign trade to
suggest
over
As President of Koppers Company, I consider personnel to be as
important, than the major divisions of
approved
was
Harold E. Stassen
countries
investors, customers, and employees together with vital interest
in way great industrial institutions are conducted.
Explains plan
of Koppers Company in dealing with
personnel.
more
the
should
we
Assertions that it is up to those
Somervell urges business provide stable economic system and show
important, if not
studies
by
United States
Committee
ternational
President, Koppers Company, Inc.
of
1930's,
a
pre¬
including
committees
and through
accomplish that. The Government
adopt broad measures.
pared from studies conducted by
business groups in a number of
countries,
is the
powers to
business
world to the effort to draw
up a
world Charter for Trade and Em¬
present
it
successful, regulated,
monopolistic, capitalism with which
Stalin—The
United
the
the
economic crisis.
-
hearted
But
of
„
v
and
Stalin
have
Nations, now
meeting in Geneva, Switzerland;
While emphasizing the whole¬
sian
influence over the
fiscal policies of our Federal Gov-
Crawford
the
on
has
pre¬
Committee
tary angle. of
F. L. Crawford
tremendous
a
your
our
learning the lessons of 1929
Pirep ai/atory
meetings of today
yesterday have been wisely
and
the
fact that
latter
of relief.
While
this, in
view
from the United States hun¬
crisis.
in government
Chamber,
dreds of millions of dollars in the
rela¬
I be¬
not.
regulate
problem to avoid a de¬
pression in our economic
system. With wise policies
by
consideration
do
can
main
the
International
with
to
our
serious
Organ¬
the Federal Government to make
prospects
ent
for
proposed
International
pres¬
-
a
capitalism and stabilize our
production and employment
at a
high level without any
de
a
we
the
of which
how¬
discuss
For
have
before us this week the proposals
calling for $350,000,000 in
the
form 6f relief, and the provisions
eco¬
Stassen—I
lieve
tailed critique
of the Draft
<$
ernment.
of
expect
you
crisis?
and
President
be called the "factual situation."
From
interchange between Generalissimo Stalin,
Republican Presidential candidate Harold
and
Stalin—Do
Bank
Free Enterprise
v.
Stassen, U. S. A.—
Chamber of
.Woods institutions.
of
U.S.S.R.
Winthrop W. Aldrich, Chairman
of
al.
et
Consider this
tions of the organization.
Says world's troubles are
by economic ideologies and foresees failure of Bretton
point of view
We See It
Stalin, Stassen, Truman,
Organization.
Wants
run
controls.
money
Trade
Copy
a
EDITORIAL
tique of proposed Charter of In¬
Congressman Crawford maintains
more
As
through
Winthrop W. Aldrich, issues cri¬
U. S. Congressman from Michigan
caused
Price 30 Cents
U. S. Associates of International
Chamber of Commerce,
By HON. FRED L. CRAWFORD*
cates
Thursday, May 8, 1947
Criticizes Proposed
IT0 Chortei
World Economics-Key
To Business
In 2 Sections-Section 2
capital D, it is not unusual
sary
and
to
You remember
his
behalf
in
1944, that it was neces¬
reelect him because he
"talk
could
in
to"
Churchill
and
Stalin.
The
disgusting thing is that
this feeling is not confined to the
uneducated. It is prevalent
among
(Continued
on page
6)
.
(2526)
%
Moating; of Consumer
Credit Group
Man and
of the individ¬
productivity of
: the labor force.
' The most energetic and skillful
shoemaker, working long hours with the hand tools
of a century ago, could not remotely approach the
■■p productivity
of' today's semi-skilled operative,
working with the aid of automatic power-driven
"Over the
long
ual worker is
"
i
J
"Whether
hour durby 18% or by some other per¬
ail — will not be determined
the part of individuals
and decisions on
Credit Costs."
W.
In
.
address
an
at
his attacks,
made
in
1
d
a
n
Engand
France,
"the
Powers
Four
Conference
^
at
ist", attitude;
Moscow to the
-
announced
"anti
-
Crusade."
address
the
former
Henry
A. Wallace
Vice President and Cabinet mem¬
defended
ber
during his
his
speeches
made
recent European tour
accused
and
agree," Mr. Wallace said,
I
believe that' Senator Van-
"commentators
and
mongers" of making dis¬
He charged
"a fine time was had by all in the
headline
tortions of his views.
can
Assn. of Credit Jewelers,
the
American Bankers Assn.
Europe to join
— and
American armed camp
in
posals for discussion of settlement
account for
.supplies and equipment furnished
of
the $11,000,000,000
the Soviet Union under
the lend-
Ambassador Niko¬
lai V. Novikov, who recently re¬
turned to this country, informed
the State Department on April 28
of his willingness to
begin the
talks. Mr. Novikov, an Associated
Press dispatch from Washington
stated, has brought four economic
lease program,
assistants with him from Moscow.
The
Soviet Government is to be asked
carried
on
for
headed
by Assistant Secretary of State
Willard
Thorpe, were formally
opened on April 30, at Washing¬
ton, with the first meeting de¬
a
group
voted to tentative consideration of
organization matters,
ihe
added:
a
dispatch to
"Times"
Some
aid
to
43%
Russia
of
our
the civilian type.
lend-lease
of
in goods
was
fineries
and
other
.
Ambassador
Novikov's
States
in
account,
centered
are to be primarily
determining
what
pay
the
United
final
settlement of
her
considerable interest is
in
the inventory
the
in
that of 1946
1946 Dividends Paid
on
___
apd
Economic
in
.——
October
November
sales or purchases
sales or purchases
i
■
February
April
May
69,800,000
,
sold
August
September
157,800.000 sold
41,211,700 sold
74,053,450 sold
October
122,954,250 sold
\
57,572,000 sold
j
July
November
assistant/to
'
$8,137,000 sold
700,000 sold
No sales or purchases
3,300,000 purchased
385,000 purchased
March
June
"Interest and sinking fund were
December
__
;
j
7
20,300,000
t
:
sold
the American group.
March
February
121,000 purchased
No sales or purchases
4,700,000 sold
full
Dividends
paid
American
to
policyholders by all life insurance
companies operating in this coun¬
try totalled $502,000,000 in 1946,
Life
of
Institute
the
reported
Insurance
on
policies.
They
are
determined
primarily by the actual experi¬
connection
in
ence
mortality
factors:
with
three
policy¬
among
holders; earnings on invested pol¬
icy
and
reserves;
operation."
the
of
23%
dividends
called
until
total
or
left
were
with the companies to earn
est
that
reports
$117,300,000
year,
the
.
also
Institute
The
during
of
expenses
'
'inter¬
for, bringing the
such funds left with
of
the
companies by the nation's policy¬
$953,000',000.
holders to
This ag¬
on
the time of
remitted,
six years later, the City
about a year ago, $3,105,700
to pay
interest arrears at the full
contract rate, as also to meet the
current interest payment then due.
all
bonds
1947—
January
in
from
After
f.
;
'
in the State De¬
partment, is Deputy Chairman of
the City's bonds
issuance in 1928
until the time of enemy occupa¬
tion in 1940.
After its liberation,
met
No
—,
1946—
deputy
presented for payment.
In
its advices the Foreign Bondhold¬
ers Protective Council
sai^d: < •
No
—,
December
bonds previously
redemption had not
the
been
300,000 purchased
-T——
of
for
called
..
17,000,000 sold
150.000 sold 1
12,526,000 sold
September
ters in
Affairs
By Life Insurance Cos.
April 30.
While the
arrears Since 1940 on its 5% dollar
aggregate of dividends showed an
bonds of 3958, and that notice was increase of $37,000,000 in the year,
being oublished by the fiscal agent the dividend schedules are ma¬
that
bonds
iri a like
principal terially lower today than they
amount will be called for redemp¬
were
15 years ago, according to
tion at par on. June 1, 1947/ By
the Institute, which also said:
this remittance, said the Council
"Policy dividends in 1946 were
the City of Antwerp has now fully
8% greater than in 1945, the in¬
restored its debt service.
crease being due primarily to the
In accordance with the above, greater amount of the life insur¬
the National City Bank of New ance owned and the increased age
York, as fiscal agent, is notifying of continuing policies and not to
holders of City of Antwerp ex¬ increased dividend schedules.
ternal loan sinking fund 5% gold Policy dividends are actually pre¬
refunds
on
participating
bonds, due Dec. 1, 1958, that $2,- mium
55,600.000 sold
34,400.000 sold
56,414,050 sold
.
;
July
August
Foreign Office, an economics spe¬
cialist who has attended the sev¬
eral conferences of Foreign Minis¬
ropean
year will
appreciably."
current
the
started
Foreign Bondholders Protective
Council, Inc., announced on May
that the City of Antwerp had
remitted to its fiscal agent, The
during the
1947,
'•
May
of the Soviet
the Director of the Office of Eu¬
this yean
question whether
volume of work
some
total dollar
exceed
amount
January
is A. A. Arutunianl
the
the
securities - of the
1.945—
June
industrial
Labouisse Jr., special
to
should
March,
guaranteed
April
>
repeated
be
is
-
*
big second-quarter bulge
in contract volume last year is not
to
.
a
"The
There
2
two years:
These included
$1,000,000,000 worth of machin¬
ery and equipment, 95% mer¬
chant ships, tire and aluminum
rolling plants, petroleum re¬
directed
stated.
transactions
of
prolonged,
likely
,
While the talks
Russia
York
the refusal
..
London, Paris and Moscow,
"Times" advices stated. Henry R.
New
by
Buyers have assumed
of the construction mar¬
.
11,000 freight cars, 35,000 motor¬
cycles and 70 transport planes.
be
to
favoring a
rather than
adjustment period.
short,
■
lend-lease goods
which
escaped
destruction and
which still exist: The information
has heretofore been refused, said
the advices to the "Times," which
of
the
will
essential
direct 641,000 principal amount of these
bonds have been selected by lot
Government for Treasury invest¬ for redemption on June 1, 1947, at
100%
of the
principal amount,
ment and other accounts resulted
through operation of) the sinking
in net sales of $4,700,000, Secre¬
fund.>
Payment; on- the drawn
tary Snyder announced on April bonds will be made at the Head
Office Of the National City Bank
is.
of New York, 55 Wall Street, New
The following tabulation shows
York
City,, on the redemption
the
Treasury's
transactions
in date. The notice also states that
Government securities for the last on April 29, 1947, $67,000 principal
plants. Also there were nearly
2,000 locomotives, more than
and
the
that
Antwerp Bonds
Secretary,
Bachelor,
W.
Market
and
negotiations, which are ex¬
pected to occupy several weeks
United States by
of costs
affected
Payment
In Govts, in March
catastrophe, violence and bloodshed in Europe."
furnish
up¬
months, which is conceivable, the
industry
should
come
through
without serious trouble. Construc¬
tion demand and available invest¬
"Depth and duration of the cur¬
Market Transactions
logical next step of the
doctrine — will result in
that is the
to
obvious
now
rent recession will depend on
Policy Commission.
Russian Lend-Lease Talks Start
Russia's agreement
mid-April to United States pro¬
second-qua'rter
is
recession
the
of
estimated.
If present
maladjustments
in
construction
costs
can
be
corrected
in six
ment funds are factors
being
ket.
Director/ AmerU
Exec.
Wagner,
month
Following
first
"Duration
variously
control
Wilson, Vice-President. Com-;
for
Truman
is
mercial Investment Trust; William
concluded that "any
force
the
Vice-Pres¬
National City Bank of New York.
Store Econo¬
mist;
Rudolph
Severa,
Credit $2,641,000 for the purpose of meet¬
Manager, R. H. Macy & Co.; Wilr ing ail s'nking fund nayments in
ploiting this emergency
wrong ends."
to
in
Department
ident,
Robert
an
prices
will
tion of 1920 and 1921.
of buyers.
lyn Garber, Editor and
ex¬
attempt
stabiliza¬
full construction industry recovery
A. B. Buckeridge,
Credit Bu¬
of Greater New York; D. Al-
are
Mr. Wallace
realized.
of
were
stabilization
Manager,
and Mr. Dulles
denberg
In
Lis
all
"but
Soviet
'not
evidence
some
"Itis
versity of Vermont.
Executive
hopes
reasons
adjustments
General- Business
Head,
Ewart,
rise in costs
turn.
J.
Park
was
of
1o stimulate a
Dean,
Dept., University of Southern Cal¬
ifornia; Dr. Philipo Lohmati, Dept.
of Commerce & Economics, Uni¬
liam
of the problem
"On the urgency
we
million
$400
that
agreement on peace terms was
urgent, and accused both Secre¬
tary of State. Marshall and John
Foster Dulles of having a "defeat¬
the
Dr.
University;
be
Can
that necessarybe made this
time without the extreme defla¬
important
quarter, but progress was too slow
Finance,
of
Indiana
reau
the
of
Wharton
Smith,
H.
'
post-war
a
price stabilization movement/it is
by many economists for
wage ' increases
be moderate after removal
controls
tion
Pennsylvania, and
of
is the rapid
recession has
of
characteristics
believed
price-and
There
Cox,
again will be enabled to
"While the present
the
to
reason
recession
the
j
would
Participants:
Mr. Wallace acknowledged
a
in the last six mon'hs. Early
Bujsiness Administra¬
tion, Montana State University. %'
Discussants: jDr. Ray mend Saulnier, Associate Prof, of Economics,
Barnard College, Columbia Uni¬
versity; Dr. Albert Haring, Prof,
of Marketing, School of Business,
character."
on
Doctrine," and
failure
Republic,"
—
commentators
and headline mongers. They went
to work with scissors and paste
and produced a fearsome looking
Truman
ascribed
before a gather-
editors,
of
Reavis
Dr.
Theodore:
School
was shat¬
his $490 million >
which
of
i Marketing,
of
Prof. ■'*
:
offices
wnole,
actually
as
March
of
important"^
enly
ascribed
]
Presentations:
conference
<£-
renewed
lace
the
that
School of Commerce and
committee and the "New
quarter
or
competitive lump sum bids.
make
the
normal
and
normal labor efficiency, con¬
near
justment was accelerated in April.
"In view of the known demand,
also lists the fol¬
The program
*
ing sponsored jointly by a local
Henry A. Wal-
meet¬
markets
material
stabilized
With
months.
recent
beginning
of
the
downward, movement. This read¬
Dempsey,
lowing:
Parley: Wallace
Cleveland, Ohio, on May 2,
first
record
favorable
the
month
the
marked
Louis University.
St.
Dr.
anti-Soviet crusade.
at
trend, pre¬
efficiency. Production
man-hour has been reported
30 to 50% below normal in
tractors
the
fcr
and
California,
Bernard
machinery!
tered, when President announced
of the
analysis
-"Despite
Father
.Regent;
School of Commerce and Finance
Southern
being asked
are
a
per
'
University
Former Vice President says
by
states:
Phelps,
Dept. of Economics, Un'.versi y of
achieved if
always been willing to get the
Truman Killed Moscow
The decline is gen¬
affecting nonresidential
An
\
The .Co-Chairmen of the
In fact, increases
pared by Thomas S. Holden, Pres¬
ident of the Dodge corporation,
ing will be: Dr. Clyde M.
could have been
of the power-driven
;
"Hourly wages in the building
are not likely to be reduced.
trades
improved
Control
-
wholesalers and re¬
by producers,
tail dealers.
heavy engineering construct.on.
"Reducing
Restrictions";
and
gainful occupations and a progressive shortening
of the work-week."—J. Frederic Dewhurst.
most out
ing degree will have to be made
| building, residential building, and
Enforcement"; "State Regulations
,
'
,
of the drop is
co^.p-iation Of con race
eral,
Controls'};
of
Problems
"Practical
population and a marked advance
in labor productivity, but also a steady expansion in
the number and proportion of the population in
the labor force had
Credit
Consumer
eral
available to the
more
.compared \ with
prewar
levels. Price adjustments" in vary¬
when
of-last year.
"Consumer
"Competition and Cooperaftion
Among
Consumer
Credit
Grantors"; "Pros and Cons of Fed¬
happened in reality has been -not only
increase in the amount and variety of goods
much
/
Survey
number of trades in scattered
areas.
The strongest hope for re¬
duction of site labor costs lies in
ity";
their hopes and fears, ex¬
'»
moderate,'
been
April compared to $28 million in
March and $33 million in April
sched¬
also
are
discussion:
for
and
Goods, Savings/and Conjsumer
Credit"; "Consumer Dur;able Goods and Business Stabil¬
"What has
But how
a
i
materials, some having
others fan astie
of various
severity
The
shown in
Force.", Th&
Durable
pressed in the halls of government as well as in the
market place, that will determine whether we will
continue to multiply the fruits of the power age.
vast
topics
following
uled
industrial managers, entrepreneurs, investors,
workers and consumers.
It is this collective de¬
a
Credit—Use
"Consumer
be
tors,
cision, conditioned by
the Rocky Mounta/.s.
east of
of
ing will be Dr: M. R. Nei-
Control As A Selling
inven¬
—
earlier in the year was
feld, Vice-President of the Bene¬
volume, whicn was mam earned at
ficial Management Corporation. ;/>
a rate of $24 mil lien per business
The subject of the meeting will
day in the f.rst three week* oi
trends.' It will be determined,
the past; by a multitude of actions
it has beerf in
General Chaiirman
The
mee
,1
.n
speed with which price and cost
adjustments are made. There has,;
been a wide variation, in the rises
reported by F. W. Dodge Corpora¬
tion ob trie basis of a s uay of'
data compiled trom project con¬
tracts awarded in tne M states
.
the
j
Constructon Recession Indicated in
indicated
Consumer
the. Ariier-;
cf
Marketing
City.
by 'projecting past
as
the
of
Committee
J
% Evidence of a recession from
the high volume of cohstruct.on
Association will
be held on June 13 at 10 a.m.J at
the Commodore Hotel, New York
increase output per man
we
ing the next decade
centage— or not at
meeting
lean
machinery.
G
A
f
Credit
v
3
'
the efficiency
in the
run
minor element
a
*
•
*
<
Thursday, May 8, 1947
COMMERCIAL & FINANCIAL CHRONICLE
THE
redemption of $2,641,000
bA Jiine' l'jf 1947; through
is
gregate
today
$378,000,000
greater than it was at the end of
1941,
five
the
increase
an
years.
1946
18%
dividends, $89,800,000 or
was
ment
on
of 66% ;in the
It is added that "of
taken
as
cash
policy loans.
$75,000,000 or
15%
was
or
pay¬
Another
used
to
sinking fund remittance, the
outstanding loam wiR be reduped
purchase paid up additions to pol¬
$6,903,000. The City' of Antwerp
is to
be congratulated Tor "this
commendable operation in fully
to
this
to
restoring its credit in
this market."
icies; and the balance, in addition
the
to
23%
left
at
interest, -was
pay
premiums, this por¬
tion totaling
$219,900,000 or 44%,'*
used
IVolume 16S
THE COMMERCIAL
Number 4592
(
according
A
and factory employment were unchanged in
the summary of general business and 'fi¬
''Industrial output
March"
to
tentative
istration's
and the first half
April 29, by the Board of Governors of the Federal
Reserve System.
According to the Board "value of retail trade con¬
tinued to show little change, after allowing for holiday buying.
The
and
of April, issued on
relief
on
stated:; k
,
European
bill
the
was
138,; ^Associated
.-
House
Admin¬
to
$200,major
the
measure,
and'was
a teller's tally of 156 to
It
test..on
made
the
the
$350,000,000
Chinese
000.000.
general level of wholesale corn-:?
'
tnodity prices declined slightly in
.'Distribution .*•
the first three weeks of April, fol¬
"Value
of " department . store
lowing increases in February and sales
during the six weeks pre¬
the
early part of March," the
ceding the Easter holiday was.3;%
Board
added. Tts
advices
con¬
larger
than
during;, the
corre¬
tinued:
sponding number of weeks before
in
vote
April 29 reduced
on
nancial conditions, based upon statistics for March
first
Press
advices
.
passed
on
roll call vote of
a
333
.
,
j.
Industrial Production
"The Board's seasonally adjustproduction
in March was at a level of 189%
i
.
d index of industrial
of
1935-39
the
the
for
average
.
ihird consecutive month.
j\"Output
tures
.of durable manufac¬
continued
show
to
a
very
slight gain in March, reaching a
level of 223% of the 1935-39 aver¬
'
Activity in the iron and steel
age.
industries
after
Steel
t)4%
year's levels.
March
in
advanced
slight decline in February.
operations
averaged
of capacity in March and
a
also
dustries
maintained
been
showed
slight
a
of
the
at smelters and
metals
continued
to
ments
expand,
,■!
during
the
first
April, while load¬
most
other
classes V of
three weeks of
ings: of
.
domination of
'Y;' :(4)
r : to
:
V
their
..•7-
part
the
"The Board's seasonally adjust¬
ed index of output of nondurable
in most
lines
24
at the
was
declined very
slightly. Output of textile mill and
leather- products in February and
in the middle of March.
as
"The
or
March remained
last year's peak
the
the
advanced
below
somewhat
2%
Feb.
March
15,
in food prices.
time
reflecting
prices
of
foods
have
Farmers
in¬
of
an
trade
in
the
A.
Employment
nonagricultural
in
the
tion's
Press
ington.
of
the
i.
on
a
construction
possible
that
unless
Corporation, was
larger in March
in !;February,
reflecting
one-third
chipfly
seasonal
•one-sixth smaller
influences,
than in
The reduction from
1946.
'ago'-was
in
awards
for
exceptionally large
were
\time.
a
,
private
hope to export
import. A sound for¬
policy depends
import policy."
upon
A.
Mitchell,
Savings
Bank
of
State
Ohio
&
*
Citizens
Trust
Co. ' of
Ohio
was
appointed
Banking Superintendent by
stated
was
advices
"Blade" which
Mr.
to
in
on April
Columbus,
the
Toledo
added:
distri-
of
independent
an
was
lower than at any time since last
June, and, according to the De¬
partment, it meant a slowdown in
the heavy accumulation of stocks
forecasters said would help
bring on a recession because of a
pile-up of unsold goods.
■ ■ -' some
In
its
current
"Outlook,"
publication Business Week, com¬
menting upon the business situa¬
tion, points out that "layoffs alone
won't
meet
apparently
the, recession
is
which
us,"
adding,
"more productivity must be had
from the workers kept on the
pay¬
roll."
upon
It suggests that inventories
should
be
worked
down
now
while business is good.
tories
probably aren't too hi&h for
today's volume of sales. But they
become
increasingly bur¬
were
to slow
down very much.
Present trends
in
commodity
prices !
indicate,
that inventory moved
moreover,
tations
a
of
United
week
and
cars
States
industry out¬
trucks
-
and
in
be replaced at lower quo¬
little later."
last
estimated
was
by "Ward's
at 107,967
units.
This figure included 76,477
passenger cars and 25,755 trucks
Automotive
from U. S.
Reports"
factories, and 3,590 and
2,145 from Canada.
been
The total has
exceeded
1947.
Last
week's
volume
102,447, while that of
totaled
a
was
corresponding
130,610 units.
ago
units, and in
1941 week it
67,060
year
was
the
,
Stimulated by numerous clear¬
and markdown sales, total
ance
retail, volume
week.
rose
slightly in the
Dollar volume
moder¬
was
week
a
Prices of
year ago.
commodities
declined
Shoppers, continued
to
cautious attitude
and, considerable
resistance to high prices was re¬
ported.
Wholesale volume for the week
close to the high level of the
previous week and dollar volume
was
moderately above that of a year
ago.
Wholesale shows in many
cities
prices and
limit their orders to needed
resistance
are
some
slightly.
display a
Pursuing the matter further, it
said,
"Retailers'
troubles
with
consumer
the
Canada
ately above that of the post-Easter
$21,000,000,000," says the
magazine, "manufacturers' inven¬
would
In the automotive
put
in
the
postpar
period only by the 108,472 mark
the- set in the week ended March
22,
beginning
well attended but
were
settled
prices
caused
un¬
buyers
to
mer¬
to
-
„
Not
Mitchell
was
named
to
Cook, Bucyrus, who
re-
signed to accept appointment as
.
•
:
H. Earl
tories
ture
there is
are
up
44%; hard goods
Yet, despite the smaller per¬
centage gain in soft goods, they
are the big
worry."
On
April 29 unanimous approval
$350,000,000
proposal
announced by the Senate For¬
wide
the
labor front the nation¬
telephone strike made
return
some
the past week with the
progress
to
work
to
Committee
where relief funds
a
had
meas¬
were
He, indicated,
spent.
that
on
the
specify in the
to be
however,
State Department statement
this
cluded
question
in
a
formal
would be in¬
report. From
on
based
was
on
a
$4-a-week wage
negotiated
early on
Wednesday of the previous week
by the company and the presi¬
increase
dents of the four striking groups.
It
reported
was
Tuesday last,
we quote:
that six other states got back-toProviding that 94% of all re¬ •work orders on that day, five
lief • supplies
should
be pur¬ Western states and New Jersey—
chased in the United States and where 1,500 workers of the inde¬
on
Associated Press advices
its
1.
Committee pendent
possessions, the
wrote in
ing the
an
amendment direct¬
naming of
European
a
director for the program, whose
i
appointment
would
be
subject
to Senate confirmation.
It
also
inserted
an
amend¬
stipulating that local
ment
rencies
received
from
the
cur¬
Commercial
Workers
returned
to
Telephone
work
raises of from $3 to $4 a week.
from Washington were
highly optimistic that the key long
distance
operators' dispute will
pay
Accounts
have been settled before
on
midnight
Wednesday.
sale
Industrial
activity in the week
slightly from the very high
of the previous week with
special account, controlled
by the
United States, which
would be used as a revolving
rose
fund for further relief and work
country favorable to outside
relief needs.
ations.
a
These funds would
be available until June
and
Congress
then
30,1948,
would
de¬
cide their final disposition.
Reserve Bank of Boston
The
Boston
Federal
Reserve
announced
Bank
of
April 25
appointments effective May 1, of
Earle O. Latham of Reading as
Vice-President in charge of bank
on
with
level
weather
dustrial
in
most
There
work
sections
of
the
oper¬
no major in¬
stoppages due to
were
but
some
a
•
middle
slightly
of
more
last
says
the magazine, would turn out
30%
more
time
year
than
in
The
steel than in the peace¬
of 1939 and 39%
1929
less than
was
steel
and
96.4%
rate
of
rated
signs pointed to
this
high
However,
or
the
country
level
capacity
all
and
continuation of
a
for
time.
some
scheduled output the
is placed at 90.6%,
decline
a
from
the
of 5.8 points
previous week.
6%
or
The steel
industry the past week
got additional help in shouldering
the
heavy wage bill when
prices at major centers slid
new
scrap
off further.
Average prices on
heavy melting steel were off $2.50
a
ton at
Pittsburgh, 75 cents
ton
a
at Philadelphia and $2.50 at Chi¬
These declines forced "The
cago.
Iron Age" scrap composite down
to $29.92 a gross ton, off $1.91 a
ton from
last week's figure
of
$31.83. ' Last week's scrap comppsite was $1.08 a ton less than the
1947 low of $31 a ton touched on
Jan. 7 during the upward move¬
ment of scrap prices.
There was nothing in the pic¬
ture this past week which indi¬
cated the probability of a basic cut
in steel prices.
Most companies
do not yet know the full cost of
the
new
wage
authority
the textile in¬
that
time—and
declined
somewhat last
week with reports indicating that
few
months—no
order volume for some cotton
for
current week
above
new
more
only about 2%
produced in 1944.
last week moved up IV2 points to
nent parts.
Employment in
totaled
week
than 28 million tons.
This rate, if continued for a year,
strikes during the week and em¬
ployment generally was high.
In
some
industries production was
curtailed slightly by shortages of
raw materials and certain compo¬
dustry,
believe
sources
good chance of it being
cleaned up by July 1.
Steel production from Jan. 1 to
the
relief.
Promotes Latham, Sawyer
complete the unexpired term of
s
after allowance for seasonal vari^
it
24,
activity continued to decline
ation.
March, the rate of increase
of
69%.
free
Gov. Thomas J. Herbert
than
the March 1946 volume. Construc¬
pur¬
of relief supplies abroad be put
Executive
the
control
under
the full
ure
ideals
our
trade
sound
Paul
at that
less
month
spindles and weaving equip¬
ment. ':
The agreement to return to work
organ¬
cannot
we
Vice-President
by
somewhat
the
stated .that
at
Mitchell Ohio Bank Supt.
year
considerably and the number of
dwelling units contracted for in
was
On
into
period . last year.4 Since a year
ago building costs have increased
;
trade
progress
enterprise than would be
otherwise."
He insisted
"we
eign
about
one-third
from February to March and was
slightly larger than in the same
March
for
Monday last,
of the New York Telephone Com¬
pany's 37,000 striking employees.
establishment
the
Vpl^e o£ residential awards Hamilton,
increased
tion
Wash¬
from
but
^nonresidential construction, which
•
advices
March
a
be
administrator of foreign
declined
administra¬
the
basis in line with
the F. W. Dodge
than:*'
rise
Committee,
and
the. Committee's Chairman, Sen¬
ator
• Vandenberg
(R.-Mich.),
Means
Ways and
of
that
in
of free
:
of
eign ^Relations
foreign
opinion of Edward
Geneva,
"offers an opportunity to conduct
international trade more nearly
contracts awarded, as reported by
iabout
supplies .to
Place
bution1
was
expanding
international
ization,
Construction
of
in
Mr. O'Neal said that he is
convinced
unemployed
showed a
slight seasonal decline in March
value
ever
policies, according to Asso¬
ciated
persons
"Total
than
more
House
continuance
Total
nonagricultural
•employment of about 42,500,000
persons was 7% higher than the
level a year ago.
The number of
„
further
—»
for
tories.
>• (10)
5
Committee, which is making a
study of the reciprocal trade pro¬
gram, that his organization favors
ac¬
changes.
2,330,000.
90%
>to report on its distribution
from censorship.
'
:
•
■
O'Neal, American Farm Bu¬
President,, who on April 23
told
after allowance for usual seasonal
•
+
manu¬
reau
tivity in March remained at about
the level of other recent months,
to
are
need
creased.
employees
a
salers.
O'Neal Favors Trade Pacts (of
sharply during the first two weeks
April, as work was curtailed at
mines in a dispute over
safety
most lines of
products by
>
:
of
of
relief
least
v
facturers and distributors."-.
slight increase in coal production.
Bituminous coal output dropped
number
other
'.
de¬
certain
V. "The
another
Require at
the<5>
to
'
chiefly in¬
Since that
flecting a continued advance in
output of crude petroleum, and a
subsequently
confined
industry.
Although the dollar value of
manufacturers' inventories showed
now can
Earmark
gain in these
million tons of steel was produced,
7
; . .. ;
(9) Demand, as a condition fon : "These middlemen's stocks are quotes ^'The Iron Age," national
The coal
obtaining the aid, the right of above $6,500,000,000, up more than imetalworking paper.
Soft goods inven¬ mine problem is still in the pic¬
the American press and radio 50% in a year.
.
to
15
clined somewhat and price reduc-?
tions
have
been announced for
but
durable goods
duction.
-
,
slightly in March to a level of
147% of the 1935-39 average, re¬
conditions,
as
of
■
•
be felt" by whole¬ chandise.
Steel
only are retailers buy¬
Industry — The
ground¬
(8) Prohibit distribution of ing less but they are taking more work was laid last week for a steel
relief in countries paying war .time to pay.
This adds to current output performance that may rival
reparations out of current pro- concern about wholesalers' inven¬ 1944 when an all-time high of 89.6
Statistics
Labor
from
creases
rates.
" "Minerals production increased
<
of
places
rate
March, the close of the month set a new high of
$21,500,000,000, the Department of Commerce reports, with the $300,-
chased in this country.
consumers' price index of
Bureau
for
unnamed
such
v
$15,000,000 of
"emergencies"
in the
pace
in
.
rate
distribution.
apart
funds
;
(7)
'
February
point of
Children's Emergency Fund.
oils, coffee, print cloths, and steel
scrap.
Prices of corn, cotton, and
copper, on the other hand, were
at about the same level on April
duction
►
..
$15,000,000 for the United Nation's
decreases shown for hogs, fats and
manufactures again declined by
one point in March to a level of
175% of the 1935-39 average. Pro¬
Set
(6).
largest
■
.
agree
from
production.
with
the
the
"At
Trieste.
the middle of March to the latter
April,
if
were
Notwithstanding the slower
inventories
densome if turnover
"Wholesale prices of basic com¬
of
help
Russia, unless
down to
actual
(5)
in
/
the
tight American control of the
•
increases earlier in domestic mine
i
of these
none
get
Such governments
supplies
the
modities generally declined
can
their governments are under the
•
.
Commodity Prices
following
.
(3) Provide that
freight showed little change.
refineries
•
countries
Ship¬
products declined
considerably
Italy, Greece, AusHungary,
Poland
and
tria, >
China,
ending April 19.
of forest
nonferrous
most
of the aid to
during
rate
March
the
the week
Output of passen¬
ger cars totaled 303,000, and of
trucks, 117,000.
Lumber produc¬
tion continued to advance and, in
IVIarch, was at the highest level
for this .season in almost 20 years.
gain in March.
Output
to
ered
Limit all but $30,000,000
•.(2)
March
at
about this rate
during most of
April. Activity in .the machinery
and transportation equipment in¬
have
aid abroad.
v.
"Freight
carloadings rose
in
owing mainly to increased
shipments of grain and miscel¬
laneous
freight.
Shipments
of
coal dropped sharply at the be¬
ginning of April and then recov¬
"mill
they
'•'•*>•
v
Price reductions
order last week induced
by increasing
buyers' resistance to low quality goods at high prices and to
growing
manufacturers' inventories.
V The next day, April 30, the bill 000,000 increase
was
to 66, according to the same
advices, with the $150,000,000 cut
remaining, and with a restriction
Easter last year, reflecting chiefly'-which would deny relief assistance
a sharply higher level of sales of
to "those countries whose govern¬
household appliances and
men's ments are dominated
by the Union
clothing.
Value of sales of most -of fv Soviet Socialistic
Republics"
other goods sold at
department 'unless they agree to American
stores was about the same as a
control of the supplies.\
year
ago, although
prices -were
The bill as passed by the House
generally higher than at that time.
and sent to the Senate, according
Retail sales of automobiles, radios,
to the Associated Press, would:
and office and farm equipment
(1) Authorize the expendiboth in unit and dollarv volume
ture of $200,000,000 in American
continued far in excess of*last
•,
3
On Foreign Relief
Federal Reserve Board Reports
i
1
(2527)
House-Senate
Industrial Activity I'uchanged to April IS9
I
& FINANCIAL CHRONICLE
agreement,
adds,
it
and
may
firm
the
until
take
can
a
give
consideration to lower steel prices.
goods-and woolens had dropped Customers have been exerting
member: of the board of diexaminations, and Dana.D. Saw¬ moderately. The demand for tex¬ pressure on some steel firms to
rectchs' of the) Federal Deposit;
tile
machinery remained heavy
yer of' Winchester
as Assistant
(Continued on page 10)
•
Iiisbraiife
along with large backlogs of orders I
Vice-President.
aj
:/T
<0
7
'
7
u:r
.HjM, f ;i'
*"■■1
••
THE
»:';i' i
•(••••/ «. i/r,i
j />
-v
t"7kT•• '•
-'S
•
""»T
COMMERCIAL ftflNANCIAL CHRONICLE
Thursday, May 8, 1947
nT-'l
iii
t
t
j (
that, the most unfortunatc In
i- v
r
J
t'j:'
t-
r.
XK
'v.
V.
v
v;'
:^
(Continued from first page)
this country 'aP the^depth bf
the depression in the early
"Thirties" were far better off
Yes, there have a depression," or to "stabilize than their counterparts in the
in the pa¬ our economy" at high levels USSR at that or
Stassen
been those reports
any other
production and employ¬ time since the-emergence of
They simply have little Lenin and the rise of the Bol¬
wpuld; be. 8,000,000 unem. and
little sheviks, We venture the no¬
iloy!^d the year after the war. sympathy with
Also reports that there
pers.^
of
ment.
lut?'they
The
wrong.
were
real interest in—the free
en¬
problem is one of leveling off terprise system of the classi¬
economist
and
of
the
af htgh production and sta¬ cal
bilizing without having an
economic crisis.
^Stalin—The
American tradition. But there
are,
,
regulation
of
prodjfj&tion?
"
strangely enough,
very
substantial numbers of Amer¬
ican business men who appear
to
be
of the
oblivious
basic
tion that, while
we have: our
and downs, our "downs"
never take us
quite so low as
the top point of the "ups" (if
they have any) in the Soviet
controlled economy. In such
an
event, our "ups" are all
clear gains relative to the po¬
sition of those living under
ups
Steel Operations
Fall Off—Most of Unfitted
Orders Expected to Be Filled Before Sept. 30
J
,
.
.('There-was
no
indication this week that the steel industry; will
to keep operations at unusually high levels for
be lacking the orders
the rest of this year," according to "The Iron Age,"
working weekly, in
follows:
as
-
,
*;.
; r-'The possibility of a slight industrial setback has
advertised that preventive meas- <§>-
have already been taken by
ures
facilities; will have, to
.
.
,
thing that was not too general in
prewar years.
since the
war
For the first time
ended the steel in¬
.
.
well
so
be revised sharply upward." ,•.
producers and consumers.
"; "Metalworking customers were /' The American Iron and Steel *
still clamoring for steel this week Institute
this, week
announced ;
but inventories were being closely that telegraphic reports which it:
watched and controlled — some¬ had received indicated that the
,
.
additional
been
many
Btassen—The regulation of
dustry appears to be entering a
implications of much of the
normal business period of activity.
capitalism. There; are those
politico-economic philosophy communist totalitarianism in
"Backlogs are large but most of
who say there will be a de¬
of the day.
V;
Russia, r There is of ' course these unfilled orders will be filled
pression, but I am optimistic
) It evidently would be a se¬ such a thing as avoiding de¬ by orderly schedules between now
and :say we can avoid a de¬
and the end of the third quarter.
rious blunder to suppose that
pressions by always remain¬ Carryovers — unfilled promises
pression. I find a broader
"thought control" in recent ing at so low a level of pro¬ which raised hob with production
understanding by the people
duction that no very great re¬ schedules last year—are on the
of regulation
of capitalism years has been confined to
wane
and may disappear within
Germany, Italy, Russia and cession is likely—by dooming
than before.
:
the next few months unless a coal
ourselves to perpetual depres¬ strike occurs.
Japan. Techniques, of course,
Stalin
But, what about
•'/■'
vary, but end-results have not sion.
"Steel executives report
con¬
business men?
Will they be
always been wholly different.
Our other observation is tinued pressure for deliveries but
prepared to be regulated and The over-all notion that ;"all
admit that it is of a
different
that, far from protecting us nature than has been the case in
restrained?
;; v :;
are agreed"
that there must from depression, the schemes
past months.
Steel promised to
•Stassen
No. Some will
be no more major depressions, of the
Trumans, the Stassens, consumers for the balance of this
have objections.
prolonged and extensive un¬ and all the other government year will neatly fall in line and
Stalin—Yes, they do.
employment—that either gov¬ interventionists and New be taken care of on mill schedules.Consumer pressure being
.Stassen—But they under¬ ernment, or some sort of "co¬ Deal
enthusiasts, would bring exerted this week comes from
stand/ the
1929
depression operation" in which govern¬ perpetual;, economic disorder those who have been assured they
will get their supply and the only
should'not be repeated .and ment takes a dominant part and ultimate extensive
decay.
they1 understand better now must and will serve forever There is an element of grave question is: 'Will I get it on time?'
the necessary regulations con¬ henceforth to prevent the re¬ danger not generally realized, | "Major sore spot iii the steel
supply picture involves flat-rolled
cerning business;; It requires appearance bf these unpleas¬ apparently, in the acceptance products. On an allocation basis,
a careful amount of fair regu¬
ant phenomena—this general Of the notion that
government however, sii p p 1 i e s are being
divided as fairly as possible and
lation and wise decisions and line of thought now perme¬ has or must assume
responsi¬
specified delivery dates are being
prompt action by the Govern-" ates and pervades all types of bility for the state of business
adhered to.
Large steel; consum¬
popular thinking in this coun¬ in the nation; The application ers..say that mills have 'been
try. It or its equivalent—and of this doctrine * in practice prompt in the past few weeks oh
; In ^other
sections of this
i
national metal-
its issue of today (Ma# 8), which further reports
1 *'•;;* ;
1 V../1 '•-•'I'.;f;.\
—
..
—
operating rate of steel companies
having 93% of the steel capacity
of the industry will be 90.6% of,
capacity for the week beginning
May 5, compared with C-3.4% one *v
week
and
95*1%
ago,
58,7 %
resents
month ago
one
This rep¬
points,.
one year ago.
decrease
a
5.8
of
6.0% from the preceding week.
The operating rate for the week
or
beginning May 5 is equivalent to
1,585,400 tons of steel ingots and
compared
to
1,686,900
tons one week ago, 1,664,200 tons
one month ago and 1,034,500 tons
one year ago.
This was the eighth
castings,
consecutive
which oper¬
in
week
ations have been scheduled above
9o%;/i'->>:--:\'':y'-'*
"Steel"
of
Cleveland,
'
in
its
of latest news develop- '
ments in the metalworking indus¬
summary
.
well-publicized discussidn, a good deal is made of
now
the
between
differences
our
becoming
its coroUaries-r-are
a
part of the folkways and the
mores
of the
people,
system and that of f It has apparently become
Russia, and the question is quite futile to remind- intelli¬
raised as to whether two such gent men and women that no
different systems can "cooper¬ one has yet been able to iso¬
economic
ate" to avoid
the
Whatever
war.
difference
in
these
economic systems as
two
they
are
must
either
than
remain
hardly
irritating; and
trouble-making fatce, or else
more
lead to
an
end of free enter¬
an
prior delivery commitments. Third
and fourth quarter quotas are not
be less than second
allotments and may-be
expected to
quarter
more.'.
<
/'■_
3
/:
'
r.-v:-
today functioning, similarities ing way that any suggested
in the general ideologies of "cure" or "preventive" would
eliminated.
.
;; We must
all realize that
we
;s .more,.optimismamong manu¬
facturers 'over the availability of
In¬ have here a cause which in metals than has been the case in
participants in this disthe past year or so.
'•/•>
at
least so far as deed, the factual investigation the courts would be
styled;
"Large
makers
of
consumer
concern economic
prin¬ of what actually takes place "Stassen, Truman, Stalin et al
goods such as household appli¬
in the large swings in business v.
ciples,' seem to be more
Free Enterprise." We wish ances are more than a trifle wor¬
marked and more important conditions is far from com¬ we could discern more
dispo¬ ried over inventories of finished
than' their differences. What plete.
Any reminder that sition in the business world to products which in most cases are
somewhat
higher
than
in the
is even more important, the there are literally dozens of
challenge this "modern"; non¬ fourth quarter of 1946. Total in¬
views expressed by this, the prescriptions for the cure or sense in whatever; form it ventories in some quarters are up
as high as 70% over, last Septem¬
only,avowed Republican prevention of these disturb¬ may appear. ' '!^
••
■
ber. Refrigerators in one instance
Presidential candidate, are at ances,
all with respectable
were
far above the average in¬
bottom very
nearly if not followings, is met with the
ventory for all consumer products
rather silly counter - thrust New ABA Series Radio handled
fully identical with those of
by that industry; radios
the Democratic President of that we "can not wait for the
were up even more.
The pipeline
in the washing machine field was
the United States and with doctors to make up their mind
actual practice.
work in
the
Programs Announced t;
those of
,
virtually all leading
politicians in both major part¬
ies—^to say nothing of the nu¬
merous
minor .organizations
which go much farther along,
or
perhaps we should say
much more directly and con¬
sciously ; along,*' the road to¬
.
economic
ward
ism.
<•:*:
'
-
>'l
»r.
,
totalitarian¬
>
■
■Ar 13 •.
' ;"
.
They Should Know Better!
.
And
these
^
joining
should
All that the Stassens,
the Trumans
Stalins—need
to
do,
appar¬
ently, is to remark that "ac¬
tion" must be "prompt,": "vig¬
orous," and "bold," to capture
we may
surprising num¬ expect any given line of ac¬
citizens who certainly tion to have the
consequences
know
much
better.
desired
or
expected of it.
course,
Two Observations
number of "economists,"
'Now
to all
this,
good many of whom are well
enough aware of the implica¬
for the moment
tions of such programs as are
servations to make.
put fcrward to "prevent
ABA "
to
announced
recently
hew
a
series
of transcribed radio programs for
the use of the banks. This
js the
second series of 26 programs
to be
offered Jo the banks this season,
according to John B. Mack, Jr.,
Manager of the department.
The
first series, introduced last Octo¬
ber, is now appearing on more
imagination, and we fear
support of many thou¬
than 60 stations. It is stated that
sands of unthinking individ¬ while the first
series of programs
uals, who never stop to in¬ was directed to the general sub¬
the
a
now
and the
yes
—
are a
Among these latter, of
ate a
them."
politicians throughout quire by what right
the land
ber of
hands. with
Expanding its radio advertising
services
members, the
large sections of the people or
Advertising Department- of the
may
presently t h r eaten American Bankers Association
the
jir
*:
threatens
starvation
while
is
that
as
we
we
ject of loans, the
the
theme
agement.
is
At
a
have
The first
strongly suspect
series is
on
Each of the 26 programs
four-minute dramatic sketch.
the
same
nounced
just two ob¬
new
of sound money man¬
.
13
suitable for
banks.
sketches
time
use
,
Mack
an¬
out
tention
steel
of
the
way,
centers
now
pretty v
major at¬
likely;
on
policy over
coming months.
Although steel
company
profits, were high > in
first quarter, reports of 13 pro-;
iducers indicating an aggregate in¬
industry
price
.
of
crease
about 22%
over
fourth
quarter of last year, early indus-'
try-wide reduction in base prices
on
steel
products
appears /un-;
in-'
!: "Expectations are the wage
crease/ which
alope adds about
$3.25 per. ton indirect Jabor eost,
coupled with expected advances
materials, will preclude
substantial price reduction.
Nevertheless,- i n d i c a t i o n s last
week were that individual com-;
pany adjustment of price lists can
any
be
expected
conditions
just
quickly
as
as
permit / determination
of firm price
policy.
■
-
,
t
*
;
"Impact, of the wage advances
the metalworking industry in
on
general is yet to be 'determined.
However, indications are metal
product prices will not weaken
substantially in the weeks aheadSome reductions
so
are
some
are
possible, but
advances.
The great
majority of metalworking com¬
panies will hold prices at, or near,
present .levels, a spot check of
opinion by "Steel" indicates.
"Most steel producers are be¬
ginning to accept third quarter
specifications and prospects are
consumer
quotas will be slightly
heavier
period.
than
in
the
current
•' Steel
supply, however,
will continue tight.
A major in¬
fluence in the tight situation is
said to be full.
; ,
.
the, market dislocation resulting
)■) "The next 60 days will present
from abolition of Pittsburgh Plus
a severe test both to distributors
pricing in 1938. * Full impact on
and
manufacturers I of
general distribution of this change in
household appliances.
Just how marketing policy is only now be¬
well
these inventories are dis¬ coming apparent.
/
* ; t
dw >
sipated will be an. indication of ;
<;"With the opening of May,1; a
how heavy steel orders from these
slight show of renewed activity is
consuming groups will be later oh reported in scrap.
The market,
this year.
/, *///./.'
'J-'.; however, continues Weak and un¬
..
.
•/ "Scrap markets this week were settled with prices off about $2',50
stabilized, temporarily at least, at per ton from a week ago at $30,
most major markets. A decline at
Pittsburgh. * For the most1 part,
Chicago took "The Iron Age" scrap buyers and and sellers'afe mark¬
composite down to $29.75 a gross ing time." '
•• -• * .v i::
ton a drop of 170 from last week's j, .' '.
:
|i
il- ' .
figure of $29.92.
' V
.
that steel company
depreciation reserves set aside for
equipment replacement may be at
least
$130,000,000 short of the
amount needed to complete plans
"It
appears
Halt Cigarettes to Germany
Postmaster Albert Goldman
nounced
cels
on
an¬
May 1 that gift par¬
containing cigarettes
or
other
tobacco
products destined for Ger¬
plant expansion and machinery
by mutual savings replacement this year.jFirst quar¬ many will not be accepted for
series
contains ter experience J has ^proved' > that mailing, pending ; the receipt of
programs
This
on
Mr.
"With the wage question
well
In/spite of.this ther£
from steel.
;
>
;
5, stated in part as
May
on
in "raw
"That the metalworking indus¬
known it and
try is in a 'transition' period was
century and
proved this week by the shutting
three-quarters o f r e c o r d- down of a few plants due to lack
late and identify the causes of breaking growth and develop¬ ofsteel, while other
channels
these major "cycles," or to ment.
And, in neither case were reporting a falling-off in the
demonstrate in any convinc¬ will the .economic : cycle ;;be demand for consumer goods made
as we have
lived it in the
prise
try,
follows:-•;
especially
thrift, mortgage loans,
and sound money management.
for
figures 'set
the
cost
up';|Wer
of
new
equipment and
further information
thorities in
from the
Germany.
au¬
Volume
THF..COMME1JCIAL
165 : Number 4592
Recent
Supreme GourtDeasiwiSy
.j Among decisions rendered by .the United States Supreme
,»
The
<' (
;'
ruling was given on a^
Justice Department appeal. The
Department contended lower
Federal
Courts
were
The
I and profits,
or surplus,
converted it to capital.
:
in
however, until
Aug. 29, 1946, nearly two months
after the law expired.' The Just
tice
Department
said
"large
and
' wfpte a dissent in which Justice
Reed joined.
•.
,
j
Ogilvie Hardware Co.* Inc., of
Shreveport, La., had a surplus
.
.
.
of
$149,306 in 1924.
•^declared
common
,
to its
par
-
The
Court on April 7 was noted
in the following contained in ad¬
vices to the "Wall Street Journal"
from its Washington bureau:
In
in
stockholders. The
does
not
had
deficits, but was
the Collector of
required
was
Inc., from
sion
that
advices
from
i-
formal
a
The
ered
PJ the
law, enacted
the old one died,
new
.after
month
a
were
ex
post facto and could not be used
L,i
discriminated
had
Juices
Bruce's
its
in
majority opinion deliv¬
Justice Jackson held
by
that
Congress had provided a
"triple damage" remedy for vic¬
tims
of
price
discrimination.
Therefore, it; ruled, the com¬
plaining company should try to
prove violation of the Robinson-
written
^Federal District Judge who held
..that .'retroactive provisions of
com-,
prices.
opinion, the Court overruled a
decision
by the
Philadelphia
1
>
Without
•
Can
against
:
violations of the old price-control
act which expired June 30, 1946.
As to this the United Press said:
b-1
the
not
was
can
the Government may prose¬
persons as late as now for
cute
held that
relieved of its
$114,000 debt to American Can
Co., on the defense that Ameri¬
wrong.
Washington,
a
which
pany
'The Supreme Court also ruled,
the same day, according to United
Press
purchaser
pay.
by Bruce's Juices,
Florida court deci¬
appeal
an
by
Internal
Revenue to pay $6,915 as surtax
undistributed profits for the
two years. Lower Federal courts
Collector
the
relieve
his obligation to
Act
The decision was rendered on
on
ruled the
seller'?
Discrimination
Price
of
a
Robinson-Pat-
the
of
man
In 1937 and 1938 the company
'
Court ruled that
violation
Patman Act if it wanted relief.
A
ruling on labor disputes cov¬
ered by the NLRA was referred
to in our issue of April 17, page
2114.
.
Inter-American
T.
Pan
(1943);
Thomas J. Watson, President, In¬
World Airways
ternational
u
Arrangements
for
the
observ¬
in New York of World Trade
ance
President,
Trippe,
American
Week, May 18 to 24, are rapidly
taking shape, according to James
S. Carson,» Chairman; 1947 New
(1940);; and Sumner Welles,'for¬
mer
Undersecretary
of
State
(1942).
Winner
,
of
will
Award
the
Dollar
1947
announced
be
the
at
World Trade Luncheon.
York World Trade Week Commit-
,tee, who announced on -May 1
that the principal event of the
celebration will bev the,, World
JTrade Luncheon to be .held at the
Waldorf
As t o r i a
on
Friday,
Machines
Business
f.
More
than
•
associations
:40
are
cooperating with the New York
Committee
inw sponsoring
the
luncheon and the program for the
week'.; The luncheon is open to the
.
May 23. Committees dealing with
arrangements,
window
displays
and exhibits, flags and publicity
are
active
on
the
week's
ac
various
phases
of
ivities.
"The theme of World Trade Week
this year, ' World Trade Unites Na¬
tions,' is particularly appropriate
this stage
at
riod,"
said
also
of the post-war pe¬
Mr. Carson, who is
Chairman
Trade
of
Education
the
Foreign
Committee
of
the National Foreign Trade Coun¬
cil
and
Vice-President
of
the
American & Foreign Power Com¬
pany. He addedjj\:
"The
,
peace.-,
more
achievement
and
.world
dependent
)
.
of a lasting
prosperity.. is
than ever before
the
fostering of trade. among
nations.. World Trade Week offers
on
an excellent;
opportunity to focus
public at'entlon on the vital role
of
international,
commerce in cur-
/repfy ,wor$ldf,4ffairs." >.
/• , ■
j;.$ugeneiP; Thomas, President
public/0'tickets
through the Committee
the NaliojfcabForeigh Trade Couni(CjJS v. anddwitoer-. in % 1941- iof the
.Captain (Robert DollarnMemorial
.Award/i-pregdnted fannually;!'for
di?tif>guighed)icontribution to the
-
Week
Committee,
26
sored
annually
retiring
Board
of
the
American
Robert F.
Trade
as
Chambers
American
?s fol¬
William L. Clayton, Assist¬
of
State
f°r
Eco-
rdrhic^AfiMifrg' : (19461 :l Eric
Johnston*
President,
ture Association pf
(1944);
Fred
Bankers Trust
Mo'ion
' A.
Pic¬
Commerce abroad to direct public
to the contribution of
world
and
trade
full
to
prosperity,
expanding
employment
and
to
More
zations
will
celebration
than
6,000
participate
this
com¬
organi¬
in
the
year.
Inter-American
ganization
its
Cooperation
would
move
quarters
to
at
East
62nd
The
made
1
William
available
house, which has been
by
Nelson
A.
Rockefeller, newly elected Chairof the
fnan
Board
of CIAC, it is
eventually be used
for
an Inter-American Center
for
the. reception and
entertainment
of guests from the other American
republics. The
announcement also
stated:
"Most of the major functions of
the CIAC will be continued under
the plan of affiliation.
tivities
include:
the
These
servicing of
ters
presently located throughout
the United States; publication of
inter-American informational bul¬
letins, and a bureau specializing
in speakers and lecturers
American
to
and
will
subjects.
other
the
on
To
inter-
Centers,
sources, the CIAC
to distribute pam¬
continue
phlets
on
countries
of
Latin
America
as well as on
subjects of
general inter-American interest."
The
will
hope
be
that
this
first
the
step
affiliation
toward a
association of the agencies
wider
working in the general field of
foreign trade and commerce was
expressed by both Mr. Friele and
Mr. Loree.; They said they felt
that the' pooling of resources can
a
greatly strengthened
operation in this field.
Newly
CIAC;
elected
officers
the
of
Chairman; 'Berent ,• Friele, ViceChairman; 'Percy Douglas, Presi¬
dent;
Orson
Graham
Adams,
and
in
the
it is
a'year has been
resigned
Mr.
to4 enter
private
Tschudy, however,
announced, will continue his
interest in the work of the CIAC
in
advisory capacity.
an
The gold
remained
vaal
for
and
per.
un¬
the
-
months
of
in
the
production
6,
due
to
cash
C '
The
of
972,212
1,016,458
__
572,720
946,577
Indian
Feb.
28,
Budget
had
gold into India; it remains there¬
fore, at Rs.12.8.0 per tola, equiv¬
to
£2.10.0
per
on
close of business
total
on
April 30, the
money; borrowed
from
banks and. trust companies in the
United States amounted to $277,-
590,185, compared with the figures
for March 31 of
$301,958,883.
Ad¬
vices from the Exchange follow:
Morrill Deputy Supt. of
N. Y. Insurance Dept.
Appointment
total of money borrowed
banks1,, trust companies and
other lenders in the United States
from
;
^
of";.«Thopias
excluding borrowings from other
members
(C.
Morrill of Garden City, N, Y.,. as
Deputy Superintendent of Insur¬
ance, effective May ' 1, has;be^n
announced by Superintendent of
Insurance
Robert
Morrill joined
Dineenf
E.
served
as
1929
to
1945,'
Assistant
to
His' prior
experience
analysts
the
exchanges/
anteed as
(1)
on
direct
obligations guar¬
were
obligations of
to
or
principal
or
interest
by the United States Government
Mr.
$81,498,329;'(2)
oir all1 other col¬
$ 103.091,856;; reported by
New; York Stock Exchange Mem¬
and,
the ber Firms-as of the cfose of busi¬
the Insurance De-; lateral,
Superintendent.
Best
national i securities
;of
with
was
! busi-1
Alfred
&
Co., Inc., insurance
and
publishers.
From
1940 he
was
Chicago office
The
the
assistant to
department.
as
(he Casu-
1
Y'-vM
close
1947,.
RaVmond/ JT.j\Smith. >'Viee-Presi-!
luM'feubsequeritly i was trans¬
debt)
Office
total
compiled
employed in
as
ness
April SO,1 1947, -hggrfegdt&i
$277,590,185.
,u %
' V- •
%
on
of
of
the
money
same
business
borrowed,
basis,
43% d
deliveries.
recovery
18,
fall
in
price,
from 86%
to 707/s cents
6
due to the
was
unexpected action
port of
per ounce
for
both
cash
and
two
months' delivery.
There was no
change until Feb. 3, when it was
6,
1946.
represented
The
and
in
the
New
the
parjt of
a^Mfni-
Market,
consequent isolation- of
important
supporting
on
York
budget announced
Feb. 28, 1947 made no alters
tion in the
duty on the import oof
India; it remains, there^
fore, at Rs. 9.6.0 per 100" tolas,
equivalent to 4y2d per ounce.-'
old
price of
55J/2d had
placed British manufacturers at a
QUOTATIONS
.
(per ounce .999
—Cash
;—
'
fine)'1
—-Two Months
————
'
Highest
Lowest
Avge.
55%d
55y2d'
55.5000d
____
471/2d
___
44d'
52d
44d
Highest
t.
!' 55y2d
(44.4750d
55%d
.
5iy2d
Delivery--
Lowest V
46%d
47.0833d
•.
'43d
44.1 GQOd
43%d
„
46.464^d
,
7
^ 'President /Truniiih
oh
May
submitted' to Congress !two
ganization plans embodying
posals
which
he
stated
essential to
effective
Property- Custodian, but tempos
v^rarilyirtaransferred
1
>
der.^'
pro¬
(2)
were
Eliminate
Presidential
action
in
the
President
of
along lines
proven satis¬
were
Contract
(4)
the
plan
does
change existing organization,
cannot
-
However,
disruption;
result
were
be
claimed
increased
of
vested
are
by
if the present
"•
for -it.
"
era!
and
would
>'
.Administration,
(^gencyf.j.
""
y^para^e
>(«.;» yj
r%
v
Employment!)Service ^from the
Administration/ to^ the
.
tabor department.'
■1 i:
"r
fgji^a;nRyeF''to'theM^ecretary
of:
fiab6rMtBe'^fUnctioh¥fbf
administrator
department to
of
(3)
the
the v/dge and
hour division.
single housing agency.
(1) on direct obligations
From the United Press
obligations guaranteed as to
principal or interest by the United quote:
States Government ($101,427,521;!
plan
(2) on all qtporcollateral, $200rTj .",. Reorganization
531,362; total, $301,956,883.
would:,.■///.','
{.. ' 1
asfa
...j
Federal
He also renewed his plea
a
,.1
(1) Transfer the United States
/
agencies
another.
v.
Plan No. 2 would:
and shift several units of the gov¬
for
,
i 1
to re'ain some war-time rearran/
one
-VVI
Deposit Insurance Coruora-
1:
•
..
from
•;
(7)iOQntmue the War Asse.ts
-,••0;
the' >war; powers' -act;
ernment
,
Research; 'Administra-
istrationj;
organization
government
■
tion to the Farm Credit Admih-
-
,
gement- of
powers
>
transfer.. Federal jCredjU
Up ion functions from the, Fed-
sav¬
to
continue;. the War
Administratidri after ex¬
of
These
the burqau only
Order, •
,
in
Executive
(6)
According
to - United /Press
Washington advices the President
piration
act.
the
tion;.-'-'-
not
reverled to their former location.-'
Assets
,
(5) Consolidate eight research
within, thp Agriculture
Department1 td forrri the Agri¬
terminated and the activities
proposed
'
bureaus
expense
operation/
;
work
Interiial
under
prohibition
President
-
/,
certain
national
cultural
t,he<
message
Settlement.
Continue
done by the Bureau of
by executive order under the First
ings
agri¬
Revenue
War Powers Act.
"Since
of
(3) Continue as part■>of the
Treasury Department the Office
pro¬
The present func¬
tional distribution of these agen¬
cies in the Government was made
a
for
need
approval
by the Secretary of Agriculture.
would
"Times" stated.
In
i-?,,,-",;.-/
the
days, unless Con¬
60
factory during the war, a dispatch
from Washington to the New York
stated:
,/
cultural marketing orderfe issued
adverse
considers
to the At tor-
ney/Qener^l by-Executive; Or-
reor¬
war
become
which
on
took
5T]7T,
Leave- permanently w/tjh
the Attorney General the func¬
tions vested by law in the Alien
1
demobilizing the
and
AvgeJ J
" 55.5O00d
(1)
Truman Urges Uniting
Various Agencies
effort
-
Indian
silver into
The
•
the im¬
India. idSEhis
on
extremely uncertain.,-
The
market.
1
most
ver
ruling for
silver
for
into
factor has rendered the outlook of
the market in free exportable sil¬
London price to bring it more into
line with the quotation
foreign
the
the
adjustment of the
an
licenses
bullion
that .the
suspended
authorities also gave
lar setback to the London
level
new
of
ori
March
on
the
reduced to 44d for both
positions,
which was a return to the
figure
from
which
it
was
raised
on
August
issue
New
cents
news
.999
the
.
the
Indian Government had
b!
'
Authorize, the Secretary
of Labor m cc-ordinate the ad-
was
of Or
..
i
of
31,
and
The year opened with the of¬
ficial price of silver in the London
Market quoted at 551/2 d
.
:
10
as
March
44d
some
sudden
March
he
of
to
respective
was
York
ounce.
Silver
fine
7 and
„
Government agencies
Exchange
May 2 that as of the
the
The
maintaining the adminis¬
trative grouping of a number of
The New York Stock
announced
March
on
subse¬
quently and, after minor .'fluctua¬
tions, prices on March 31 were
46d and 45,y4d.
'
tion in the duty on the
import of
alent
returned
There
altera¬
no
A
for
statement
1947 made
mbnths
March 6
on
sharp drop in New York
followed on March 11 by" a
fall in London prices of
4%d id
47 %d and 463/4d;i further falls en-»
sued and by March 19 the
^ates
fineozs.
___
maintained
for
.{i$d
two
reached
were
10.
1946
-
and
for
was
'
1947
5iy2d
and
1947,
labor
fineozs.
quotations
and
delivery
troubles.
January
February
bw/stages
rose
21 to 86% cents on March'
reflected in advanced Jn the
was
London
The
February,
was
4
price, which
ruary
January
of comparison.
purpose
reduction
decide^ also
from 70% cents per ounce on Feb¬
low, together with figures for the
corresponding months of 1946 for
the
authorities
adjustments,
n (Conse¬
quently, the hardening of thfrNew
York
February, 1947, is shown be¬
gress
Borrowings on
NYSE in April
con¬
frequent
fine ounce,,
output of the Trans¬
March
ex¬
in
silver for essential
pqjrppses
could be acquired in the
cheapest
market and this indicated* more
England's buying
calculated.
was
The.
at
figure the above amount
Moore,
Tschudy,
-
at which
Horace
Associated Director of (the
GIAC,
has been appointed Executive Di¬
rector to succeed Arnold
business.
of
gold
changed at 172s 3d
V.
inter-American
field' and who fob
who
for
Jr.,
Albert
Akin, who has had long
perience
Bank
January
February
Vice-Presidents; Robert H. Patchin, Treasurer; John Akin, Ex¬
ecutive Director and
Secretary.,
Mr.
The
price'
unaltered
was
Nelson A. Rockefeller,
are:
obtain
American
the official London
price
i
that
ac¬
24 affiliated Inter-American Cen¬
lower
basis, hence the decision to reduce
England
£247,833.
May
57
house at 9
a
Street.
or¬
competitors
able to
were
the
on
formity.
and
The
L.K;e^.t,
of
ways
international
merce.
Amer'fa. Inc. ferred) dtp;the
director,'
Company (1945);i
of
attention
M.
Secretary
formerly
Week,
National Foreign Trade
Week,
is
observed
each
May
throughout the country and by
various
rf the award have been
appointed
lows:
Cooperation,
stated that the Council for
was
from
the
Inter-
Loree, Cftairman of the
Foreign Trade Council.
National
It
of
for
silver
The amount of gold held in the
Issue Department of the Bank of
World
known
hess
ant
Chairman
Council
Gold,
with
abroad, who
Co., London, written under date
of April 1.
posed
nifffefe/ - OtHer 'forofer ^recipients
Upnorarv; Vice-Chairmen
Cooperation, Inc.,
disadvantage
&
meantimS.^" The
has
fhe New York Cqm-
for
Markets
We reprint below the
quarterly
bullion letter of Samuel
Montagu
of Commerce of the United States,
trade, ..is...serving,,,
Chairman-.of
Council
the National
Foreign Trade
Council, - Inc.,
was
announced
jointly on April 24 by Berent
Chamber
the
by
partment in November,
Honorary
Beaver
Street, New York 4, New York. •,
Initiated nationally and sppn-
advancement of American* foreign
as..
Arran¬
on
gements, New York World Trade
;
of
available
being
the
with
effectuate
Juan
Plans for World Trade
of
planned will
decision, the Su¬
5-to-4
a
preme
$100,000.
was
Su¬
the
of
Affiliation
Street
-
decision
preme
value of the total stock divi¬
dend
further
A
situations"
of-similar
pending. '
are
stock, share for share,
common
not started,
numbers
firm
100% -dividend
a
Prosecution
1945.
and
With For. Trade Group
Friele,
suits
two
involved
case
1944
was
Justice Hugo L. Black delivered '.the Court's
7-2 decision!
Justice
Felix
Frankfurter
.
/Government's
charging rent-ceiling violations
holding that the 1924 dividend
in stock irrevocably took $100,000 out of distributable earnings
p
the
original prosecution powers.
in
wrong
revive
to
(25 29) J
English Gold
Court
on .April 7 was one -in which the Court ruled that a fimifwhich de| clared a $100,000 dividend in stock in 1924 need not pay Federal
.surtaxes on undistributed profits for two later years when it reported
deficits. Regarding the Court's findings the Associated Press said:
•
$,pjN^CiAC CHRONICLE
we
also
minhstration
,
.r
'ofFederaP *aetk
regulating wages and"
1
No. ^ 1
''.;
contracts
works!;'
for
hdurh^ti
Fedetat! hpufelic
.
6
ANPA Convention
ITO Charter
Criticizes Proposed
ization
(Continued from first page)
in
the suggests reconsideration in order
in
that
national
over
concern
eco¬
development
may
not
the nomic
feasibility of grouping
the render the provisions a vehicle
for restrictive trade policy. Point¬
same
organization
countries
whose foreign trade remains in ing out that economic develop¬
ment is not synonymous with in¬
private hands and countries which
conduct
their foreign trade
by dustrial development, but' is a
wider
conception,
the
report
mean's of governmental agencies.
stated:
The burden of proof that such a
"The aim of economic develop¬
grouping is possible should rest
with the countries having state ment is to increase the produc¬
trading monopolies, according to tivity of labor and the utilization
Doubt .is
to
into
expressed
as
.
.
Chamber, which
of natural resources;
ment of industries is
on
quate as they now stand.
"Two
neither
the
suggestions from
having
state
trading
receiving
countries
the
other
the
and
monopolies,
ment
behind
high
cost
the
run
than
more
nopolies of foreign trade outside
of the I.T.O. until suph time as
be nego¬
j
them."
with
tiated
draft
and
of
long
description
a
clear
a
objectives
the basic
run
of
International
the
of
functions
of
absence
the
was
statement
Organization. Mentioning
that the Preparatory Committee
had decided to postpone discus¬
sion
of
this
subject until
the
structure
of
the
Organization
could be seen as a whole,
the
International
Chamber
pointed
out
that
"the
structure
of the
Trade
Organization should be the con¬
of the objectives to be
sought and not vice-versa."
,•
"Indeed, it fails to see how it
sequence
is
possible
overall
the
adequately
design
to
of
structure
or¬
an
it
Edwin
in
created
be
ganization of which the purposes
are
left in blank," said the cri¬
It found the article dealing
with purposes now contained in
the
draft
consisting largely of
tique.
generalities.
Chapter III of the Charter deal¬
ing with employment is analyzed
carefully in the critique,' which
found that two general
notions
of
and
insistence
the
the
on
all
of
born
his
world by an
industrial de¬
the
without
areas
of
terials,
and
Preparatory
and
resources
of
of
Means
During
Davis,
une"
J
of
and
President of the
memorial resolu¬
past
read
a
tion for members who died during
The audience stood
year.
in
Acting in executive session the
question of restrictive business
practices,
recommendations
for
change are made regarding the
section
on
inter-governmental
publishers, were reported to have
adopted a* resolution authorizing
it being
thought that such agreements
pressmen's union, which expires
next December, and to negotiate
such agreements with other unions
the
viewed
be
should
emergency
as
arrangements to deal with partic¬
ular
maladjustments. The
opinion is reiterated by the Inter¬
ANPA's five-year ar¬
of
renewal
bitration
Chamber
national
of
standard
is
it
that
un¬
applying one
to private
consider
to
the
desire them.
as
agreements between governments.
critique
presented to
was
Preparatory Committee which
continuing the drafting work,
the
-
V
■"/-■
,
non-union
practice of
a
that
situation
a
has
long
ex¬
isted in the calling.
courts
"The
the
over
have
control
no
membership
labor
of
said.
be
excluded for any reason other
than
race,
color or national
Johnson
Justice
unions,"
i
"Under the law persons may
members
brought their petition to Justice
Johnson on April 15.,
They
charged that the union was
From
origin,"
You
when
change
political and busi¬
;
;
was
plishment
on
of
mark
a
accom¬
the part of our busi¬
to go over to
ness men
meet Mussolini.
It
accomplishment to
Rome and
added
an
was
fellow
a
who
had become the head of
a big in¬
dustry, high up in civic, leader¬
ship, undoubtedly a big shot in
the NAM
and
the U.
Commerce.
of
turned
a
medal
heaven
Chamber
S.
Ever
increased
longing
to his
and.
Snuffy Smith would say, "It's
As
scandal to the
a
come
back
tell
and
his
goggle eyed listeners that II Duce
the name of
Boulder Dam to its original des¬
in
ignation, "Hoover Dam," is called
for in a resolution passed by Con¬
gress and signed on April 30 by
was
not
derstood
made
bad fellow
once
him,
a
also' he
and
the trains
run
on
you un¬
had
time.
Now; and for .'sometime past,
the thing that marks one of our
one
the
of
helluva
fellow because he had re¬
turned the private's salute.
* /
sisted that Pershing was a
good
We
are
people who have won
Wars in the past 30,
a
World
two
to
talk with Mussolini and be
to
" V
jaybirds."
private
in the First World War who in¬
reminds
It
•
years,
and who are now support-^
large part of the world. Yet
ing
a
we
able
be¬
points
Stalin, and our pundits will write
and speak volumes of words about
his availability for the Presidency.
to
bosom,
earth
of
number
he has met and talked with
cause
recall, of course, the time
it
get
Becomes Hoover Dam
The
in
life.
ness
he
Boulder Dam Again
Washington * Ahead of the News
(Continued from first page)
leaders
our
add another
msm
conduct
agreements and another to similar
The
with
/agreement
grave
sound
;'
The
Free
silence during the ceremony.
agreements,
New
holding their jobs pend¬
sons of mem¬
bers.
Business Manager
the New York "Herald-Trib¬
the
commodity
of
ing training of the
Howard
meeting
the
While
ment
Com-t
the
Union
;
"succession" ar¬
rangement was not prohibited
by the State or Federal Gov¬
ernments.
He also pointed out
that the petitioners took their
jobs with the full knowledge of
The ten non-union work¬
ers are
as
of-"The
room
News
'
John¬
Justice
the
that
wrote
maintaining
employes
are
■
.
his decision
In
closed shop agrees
Newspaper and
a
Deliverers
Yark.
He
career
customs formalities are suggested.
expressing general agree¬
with the handling of the
Mail
on
former
ANPA,
simplifying
further
mail
tion.
manager.
ma¬
development problem."
the
with
Press," of which his father was
aspects
further attention to these
Burlington.
newspaper
Second
devote
the
Session
to
urges
has
ment
and was
old
years
.
pany
its
of
began
a de¬
livery boy and later worked in
may
that
reference to the international dis¬
tribution
in
named
son
petitioners
the Rockaway
and union were
codefendants' in the ac¬
Employer
welfare
of Valley Stream, distrib-jutors of newspapers. The com+
cation in Journalism.
the
public
pany
Committee
representative
54
the
to
The
of
They declared, too, their
to join the union.'
willingness
plaintiffs must appeal to the
Legislature for the relief which
the Court is powerless to give
the American Council for Edu¬
is
between the union and the com¬
de¬
the
director of
a
School
ANPA
He
pany.
inimical
He has been
Chairman
Journalism
matter.
the
his
powerless
was
them."
Vice-President and
ANPA,
.
decision made here is
"If the
Secretary, Treas¬
newspaper.
May 5 to
on
compelling their employer to
discharge them under the terms
of the closed shop
agreement
clared:
Business Manager
and
National
Advertising Manager
the
in
wrote
that he
in
act
to
urer,
of his
Johnson
A.
decision
further noted:
He
maladjustments
grave
land
were:
S.
Mr. Howe is
denied
was
<$>
Supreme Court Justice Cort¬
York
New
Vice-President,
Friendly of The New
York "Sun"; Treasurer, William
L. Fanning of The Yonkers (N. Y.)
"Herald Statesman," and Secre¬
tary, J. L. Stackhouse of The
Easton (Pa.)' "Express." All were
elected unanimously. The "Times"
"Times,"
to
against
warns
the
in
not union members
were
May 5, which also said:
named,
officers
they
workers who were threatened with loss of their jobs because
they do not belong to a union and who are unable to join the union
because it is closed to all but sons of members, according to a special
dispatch to the New York "Times" from Mineola, Long Island, on
ten
Presi¬
elected
was
other
noted
was
prosperous.
I.C.C.
"The
tended
countries in the
precarious rather
more
velopment
One of the first criticisms of the
,
and
Fight Lost by Ten Non-Union Men
A temporary injunction restraining their employer from firing
.
them because
on April 24.
David
the Burlington (Vt;)
Press"
dent,
one
nor
condition
economic
developing
long
special agreements can
"Free
high tariff walls of
industries
the
make
alto¬
section
the
of
factor
always be present in a
developing country. Many cases
are
known
where the- develop¬
gether, leaving countries which
have complete state trading mo¬
elimination
New York
W. Howe, of
but it is
increase,
unique
a
the develop¬
important
an
,/
session of its 61st annual conven¬
in
Thursday, May 8, 1947
Court
.
tion at the Waldorf-Astoria Hotel
that must
"One consists in com¬
redrafting that section
critique.
pletely
this
in
factor
.
to
open
are
courses
•
Preparatory Committee," said the
after
.
provisions of the Char¬
state trade entirely inade¬
the International
found the
•
The American Newspaper Pub¬
lishers Association held the final
contained
are
critique.
ter
■
THE COMMERCIAL & FINANCIAL CHRONICLE
(2530)
have
tremendous inferiority
a
foreigners.
towards
complex
When the British
King and Queen
here
in
1939, our
over
came
British
the
to
seeking
another
one
fell over
invitations
Embassy Garden
socialites
Washington
is
President Truman, The legislation fellow citizens as a man of un¬
Party, and bur members of Con¬
by Wallace B. Phillips, President
passed the House on
March 6, usual distinction, 'is to go over gress made fools of themselves by
underlying
the
chapter,
while
of. the
American
Chamber
pf
while
the
worth striving for, are "cloaked
Senate passed
it on and meet Stalin and come back issuing statements that they were
Commerce
of London, who has
in a terminology which appears
April 23. At the time (on Feb. 27) to report that he wants to under¬ going... to attend in their plain
been serving as delegate of the
to be
a
House Public Lands Sub-Com¬ stand us and sees no reason Why
ambiguous and likely to
every day dress, yet all of theni
International Chamber at meet¬
mittee approved the resolution for we and he should not cooperate.
lead to unnecessary controversy
except Vandenberg, went out and
ings of the Preparatory Commit¬ the
It is good for several days handon - what
are
as
renaming of the Dam in honor
yet unsettled
rented formal clothes.
The pur-»
tee.
The International
Chamber
running of publicity in the daily
of the former President, Associ¬
points of economic theory." These
pose of the visit was quite well
is following the proceedings and
ated Press accounts from Wash¬ press because it calls, as if there
are
described as the notions of
known, <some
good
willing in
offering suggestions because of its
were some law, for the reporters
"full employment" and "effective
ington, said:
preparation for World War II. '
official consultative status with
going around and asking Sen¬
demand."
Objection is found to
Eight Republican members of
Getting back to that great his¬
the Economic and Social Council
ators and
Congressmen to com¬
the use of these terms, which are
the Irrigation and Reclamation
of the United Nations.
i
making
meeting between
ment which they are always glad tory
described as ambiguous and de¬
Sub-Committee voted for the to do, and for editorial writers Stalin and Stassen it must have
batable. Continuing, the critique
said:
Siam's
that
realizes
ernments have
important part
an
Envoy to U. S.
gov¬
to
play in the whole field of em¬
ployment and economic activity,
but it feels that, as drafted, this
Siam's
United
first
States
dentials
the achievement and maintenance
April
of effective
ment
and
demand
employ¬
exclusively a govern¬
ment responsibility. This is un¬
doubtedly
so
in
countries
the
economic life of which is totally
planned and conducted by gov¬
to
18,
Representative Jack Z. Ander¬
ambassador
presented
President
the
to
his
son,
told
cre¬
Truman
on
the
ernmental
agencies, but it is far
case of countries,
the economy of which is
primarily,
tent,
to
or
private
by
which
market
role.
r.
final
.
ex¬
enterprise
and
plays
The
the
considerable
mechanism
the
free
come
a
operated
I.C.C.
would
introduction
draft
the
of
important
an
wel¬
the
into
occurred, he
Secretary of the Interior
stated.
Harold
In
of credence
that
"a
Siam
can
tion
letters
Mr. Truman declared
democratic
make
the
to
the
accepting
a
and
peaceful
progress
"Although since the
have
been
frequent
administrative
your
the
war
there
changes
in
responsibility
in
period becomes
more
as
re¬
The
Ambassador,
the
in
The name
1933.
been
had
objected
generally
the
name
come
on
ground
Boulder Dam
April
to
the
the
Press stated:
Mr, Truman used
that
/
Associated
stable
hayakon Worawan, in his remarks
them to Lawrence Ritchie, Sec¬
levels is the responsibility not ex¬
referred to the "close and cordial
clusively of governments,
all
sections
of
high
and
society
but
of
ties"
acting
in
tries,
cooperation."
Discussing the chapter
nomic
development, the
long binding the two
and
to
the
aid
in
on
eco¬
critique
States.
He expressed
mark
a
and offer the same pub¬
value and give the same
of
distinction, because as
degree or so less powerful. But
is not the way it has been
that
rest assured now that
after his great experi¬
You may
will get a higher fee and be
in even greater demand at the
middle
aged women's clubs to
which
he
has
been
lecturing.
ence,
been
with
cript
set questions. He must
chuckled'no end over the
out of his
have
Signing of Air Agreement
Between U. S. and Syria
;
agreement
stops
,rnake traf¬
Damascus .has
at
>
permitting Pan
American Airways to
fic
been
signed by the United: .States,
Syrian
the
Governments,
the
through an interpreter
"Mr.
Stalin
are
you
derously
whether
really a great man
bert
many
Mr.
he pleases.
and
Stalin must
talk.
to
see
what an
American would do when he ran
wanted
of the
coun¬
The Dam
to
continue
to
have
An
and a man of
noble intentions," and
latey the word
Hoover, with the view to
came
back, through,.the interpre¬
Hoover's distributing the
ter: "Why, yes,' I am."
pens as
set
devilishness that made
pure
former, at the end of their
interview, invite his visitor
decreed;
a
on
be
provocative as it may sound, the
Chinese dictator is just as smart
as Stalin and his country is only
good
his country's
"grateful appreciation."
after,
licity
retary to former President Her¬
forms given to Siam by the United
not
should
Chiang Kai-shek
as
much sought
the
published trans¬ ton dispatch to the New York
interview which he "Times," in which it [, was also*
had with the great man. He should
stated:
and probably will, tell how fun¬
The
agreement covers fifth,
four peiis'ln ny it seemed when he asked pon¬
years of usage/
30,
visit to
a
been
and
State;
Department announced on April
has be¬
Frankly, he should be even more
people entertaining at these than he has 28, it was indicated in a Washing¬
resolution
the
the
familiar
through 14
On
to
why
expressing
profound observations. I
the life of me, I can't see
Stassfen,
signing the resolution and sent
at
their
given to the
Wait-
employment
Wan
changed
the Dam from Hoover
Democrats cf the subcommit¬
requiring governmental changes."
most countries the maintenance of
Ickes
said, when
project in 1930.
•
tee
country, it is hoped that
war
Hoover
of
The President added:
L.
of
to Boulder
great contribu¬
mankind, especially in Southeast
Asia."
name
stable
mote there will be fewer occasions
of
III
wrong"
which
a
Chapter
a
former
a.
clause recognizing the fact that in
of
"right
ington to the New York "Times"
are
from true in the
subcommittee that the
would
action
dispatch from Wash¬
California,
Republican, of
commentators
and
For
Presents Credentials
Chapter gives the impression that
in
rijieasure, while the Democratic
minority of five voted "no."
-
I.C.C.
"The
power
the Colorado River.
,
the
thing
more
laughable is that the next Gallup
Poll will show Stassen with an
States
East.
minutes
makes
rights
on
certifi¬
the
cated route between the
and
few
What
project is
freedom
.<
and
'It
concluded
ments
of
Far
substantially
follows
the form of
United
the
and
India
agreements already
with
the
Govern¬
Egypt
and
Lebanon,
the announcement
said.
(Volume 165
Number 4592
THE COMMERCIAL & FINANCIAL
CHRONICLE
A Sound Personnel
(Continued from first page)
of top management expound
upon
basis of
and
upon
them.
rate
he
fers.
lieve, is also fundamental
last
The
dependency
The
men
real heart
of
the
of
she is assigned to
do, we be¬
or
I
Employee rating is not a sub¬
for
job evaluation, but
rather is the second
step in an ef¬
fective wage and
salary adminis¬
basis for rating the job.
Employee Evaluation provides a
stand
hospitalization, and practices'With
Statements:
reducing
respect to such matters as vaca¬
policy statements to specific
tions, holidays; sick leave, recrea¬
basis
for
lating an employee's
performance on the job.
Employee rating combined with
those
plans
which
have
tional and social activities.
procedures,
techniques and controls to abso¬
lutely assure that the original
philosophy is being applied on
a-day-to-day basis. That is what
we are
attempting to accomplish
today in Koppers Company.
-Instead of just stating a philos¬
ophy, we are carrying it step by
From
,
the specific things which must be
accomplished. In order to do these
and
to
employees' relative rates
between jobs and as be¬
tween employees in the same
job
the
down
in
individual
its
application
techniques
trols.
.
In order
to
is
employee.
done,
let
Perhaps
;
The
Co.
might like
to how
as
this.
Koppers
you
planation
<do
of
plan
we
an
V
through from
intend to
end
to
Wage
the
and
wage
and
I
with
a
sions is
Each of these divi¬
an
industry in itself. They
involve about 14,000
people. They
are,
briefly,
wood
preserving,
shops, piston ring manufacturing,
tar products,
chemical, gas and
coke, building and an engineering
I order to
the
|
of
rate
to
.
and
Adopt
rating plans
be used
products
as
good jobs, quality
and fair returns for
customers and
alike—for without
vestors
of
•one
these
the
others
of
To
our
investors
business
we
an
tion
good
honest ef¬
based
an
(1)
.
,
.
our
personnel practices.
.
rate
quirements
V
:
our
suggestion sys¬
of
many
to
help
of the facilities offered
our
employees with the
personal or on-the-job problems.
The fourth
statement, "an ap¬
preciation of and recognition for,
ability, skill and training," is the
with
area
pay
other
on
com¬
between
(4)
their
as
relative
Follow
re¬
determined
-
.
the
by
:
of
equal pay for. equal work in the
case of both men and women.
means
of the
basing differentials
the basis
on
job requirement and not
who does the job.
•'
'
-
*•/' /
(5) Recognize and reward in¬
dividual ability and merit.
,
In
(6) Transfer and promote employees from lower to higher
jobs on the basis of merit.
»
wide
wage
In
and sal¬
and
a
which is the best plan.
job evaluation plan adopted
by our company is based on the
point ; system.
For
employees'
do
in
on
personnel
staff
is
(1)
revision
any
a
*
At
the
nel
have
of
a-
office
for
expe¬
rienced personnel men who oper¬
ate on a company-wide basis to
of
the
plan,
;
*
-
plans, procedures
techniques in our personnel
program.
.
in
terms
of
on
the most
practical in¬
What Every Employee Is
Entitled to
We believe that every employee
is interested in—and is entitled
to;
A fair day's pay for a fair day's
work.
A chance for
promotion.
Opportunity to earn security for
the future
a
voice
I
and
in
terest.
a
chance
matters
*
of
to
have
mutual
in¬
,
interested in those things
am
to,
corresponding
many,
seem
the
The classification of any
those
The employees I have
and I have talked to
to be interested in.
things for themselves.
our employees as a group
.When
can
understand
that
"Koppers
Company is a group of people
who through their combined i ef¬
forts, skills and assets, provide,
good jobs, quality products and
fair returns for themselves,
for
our
customers and our investors,
according to the job and grade
of work he or she js called on alike," then we shall experience
to do, except where no classi¬ the type of cooperation that builds
fication presently exists, the em- lasting business success through
ployee may be unclassified for good investor, customer and em¬
a period of 90 days to enable the
ployee relations.
We
believe we must provide
Personnel Department to anathese
things for our employees
lyze and rate the new job.
(5)
sions
To
as
fication
assure
that all job
are
comparable
departments and divi¬
a whole.
A job classi¬
chart
shall
be
main¬
the grade of each
cific
out
cedures and techniques for dayto-day application.
talked
and
works
the Wage and
ing each of them to a plan, and
by having each plan speli out pro¬
for myself.
job in the division.,
(6) To bring to the attention
of responsible supervision spe¬
this instance,
of the policy statement and reduc¬
points
Administrator, with the
Division
Personnel
Manager,
In
Salary
step in the right direction
by taking a philosophy, reducing
it to an over-all personnel policy
statement, by taking each phase
on
in the job-rat¬
the
tained showing
,
•
better
nite
total
rating,
between
particular
a
to do this.
Daily efforts are being made to
improve our techniques. However,
we feel that we are taking a defi¬
substantiates
stallation
of
is
A good boss.
requirements
classifications
administration
job
This
based
f
Undoubtedly there
a
job
the
counsel, advise and assist the di¬ I"
vision personnel people in the in¬ ^
and
be
job shall be based on the job
specification. Such job specifi¬
cations shall be developed and
approved „in cooperation with
responsible supervision.
(4) To see that every employee is continuously classified
in Pitts¬
and
up-to-date
shall
over-all personnel
and more effective way
for
a
our
policy statement.
the
plan
central person¬
and
philosophy to work,"
each factor which
of .these per¬
qualified
and
wage
and maintain
the factors used
7
general
we
staff
of
Manager,
Manager
suggestions
maintain
rating
effective ^manner to fit their par¬
burgh
con¬
job specifica¬
tion for every job showing the
description of the duties, the
General Manager of
needs.
to
job-rating plan best fitted to
To
applying the company's personnel
program in the most practical and
ticular
covered in
local conditions.
.
one
responsible
method is followed with,
same
of this policy.
complete
to work. ,Each division has a Di¬
Each
a
maintenance, inter¬
classification
vision Personnel Manager who re¬
are
"putting
re¬
The duties shall
up
within
the
.
classification at all times.
grade.
our
the
and
(2) To set
pretty
men-
put
authority
Plant
of
operate
plan.
; - :
' ~
;
While my remarks tonight must
be confined to only one phase of
mem¬
clear the
Personnel
The
scored
for
the
salary policy.
employ the
Therefore no mat¬
record
supervision
the confines and limitations of the
respect to each of the five points
include:
not
in the personnel game.
Here is how we put
and
sible
the manual
follows:
as
or
ministration
ing
ports to-the
through personal con¬
observations, checking
and reviewing of the various ac¬
tions taken to assure that respon¬
Supervision
plan,
to
local
school of thought you
belong to, I am at least 50%
right, and I understand that is a
sonnel
the
Subject
the'
which
and
■Feeling that just rating jobs is
not
sufficient, a technique of rat¬
ing employees 'iyas adopted as a
central
tacts
by
shall be responsible for the ad¬
may
good
of
make
the Division
plan has
agree on
the
like
that management's
for
ac¬
written
given to each
spells these out
taking in too much
territory to say, before this group
of experts,, that our plan of
job
evaluation or
employee evalua¬
tion, is the best.
From what I
understand, even the experts don't
and not favoritism.
in
cleared.
charged
the
sponsibilities and authorities
tained
It would be
ter
order to
pretation,
we
is
readily answer questions
them by their, employees^
.
policy
evaluation
of
covered:
thoroughly
letter
a
A manual is
A phase has been taken
that
some
are
ber of supervision so that they can
writing in terms of companypolicy with respect to per¬
f
is
Responsibilities
our philosophy to
have thus far reduced
we
are
being done, why it is being
done, how it is being done and
just how it will affect them per¬
sonally.
been adopted to provide a "sound
basis of payment for services ren¬
(7) Base promotions and merit
increases on job performance
(8) Treat everyone
situations alike.
assure
been
day-to-day basis.
The
is
"putting
that division.
principle
between jobs solely
our
tem, procedures for adjusting em¬
ployees' problems and is the basis
•
This
plan of
Wage and salary administration.
is the basis of
differentials
.-job analysis.
.
supervision
employee concerning his
point system.
jobs
in all
departments, based on dif¬
•
The third, >"a real
respect for
opinions and individual problems,"
fully
favorably
in
between
The
parable jobs.
(3) Set up and maintain fair
\
The second statement, "a sound
basis of payment for services ren¬
dered," is the basis of
policy of the
•
See that its rates of
compare
ferences
The
job.
companies in the
stand—together.
first,/"fair and equal treat¬
ment of all persons/Ms the basis
of our employment and
many of
-
every
Comply
(2)
of, and recognition
ability, skill and training,
The last paragraph, which
per¬
tains directly to
personnel, con¬
tains five statements.
j,.-.V
a
wages and salaries.
ap-
understanding of individual
-employee's
dependency
upon
the group as a whole for his and
our future.
For all these things
we
with
classification
with all
Federal
and
State
legislation
with respect to the payment of
an
_
job
Second,
job* dered."
every
factual analysis and
It is further the
preciation
for,
a
company to:
real respect for
opinions and in¬
and
on
rating of
their confidence.
To our
employees we pledge:
fair and equal treatment of
all
dividual problems,
for
and salary policy
considered
'
persons, a sound basis of pay¬
ment for services
rendered, a
J
job specifica¬
a
rating
a
top management representa¬
tive at each particular operation,
to each employee, explaining what
basis for constructive
Company-Wide Policy
work,"
from
and
wage
we
pledge:
products, fair prices and
continuing
appreciation
of
;
A
sonnel.
These steps compose the struc¬
ture of the company's proposed
good
!
rate range
for each grade.
a
statement of
here
cised to
it has
philosophy is being carried out
ministration.
payment policy.
ary
Develop
a
fer until
the
determining the need for train¬
ing,
promotion, transfer and
layoffs.!
(6) Establish the basis for the
granting of merit increases in
it to
schedule
rate
a
(5) Write up
pledge:
fort by us all.
To our customers
:
classification
duties for every job.
judgment,
management and
a
re¬
Following the installation of
these plans, procedures and tech¬
niques, a control must be exer¬
quainted with the plan and its ad¬
accordance with
.
salary
yardstick to
in
Adopt
(4)
cannot
as
-
and
jobs.
with
any
wage
basis for the
a
(3)
in¬
succeed.
good
plans
classifying jobs.
Adopt a series of grades
(2)
as¬
provide
employees,
v
In developing its wage
salary administration plans,
(1)
Koppers Company is a group
of people who, through their
and
rate
job clas¬
ployee's performance are neces¬
sary and desirable.
(5) Provide records for use in
when
the company proposes to:
following statement:
efforts, skills
.its
same
her
other
her strong'points and to show
where improvements in the em-
fairly.
*
sets
administer
or
with
or
,
measures
a
as
and the
..
jobs.and
employees factually can it hope
ophy is applied in all divisions on
day-to-day basis in dealing with
our
employees, we have reduced
combined
Only
employee
any
promotion—merit in¬
a
This is done
compared
as
discussion
Job
requirements, and
differentials.
by
or com¬
supervision
ance
'
basis for determining
management
-
business
a
It to the
factual
a
to
promise
crease—reclassification of trans¬
Briefly,
1 (4) Providing a factual re¬
cording of employee perform¬
v
evaluating jobs in terms of
their relative
mitment
garding
no
operation
division, and this group
determine
sification,
method
a
(4) Make
First, we make sure that every
member of local management and
to
employees in the
cov¬
industrial relations.
good
warranted
are
with the responsibility
"auditing" the administration
of the plan, procedures and tech¬
niques which have been installed.
period
value
salary struc¬
rating provides both
,
that the philos¬
assure
plan
transfer
or
performance.
salary is in line with his
do not want to bore you
detailed description of ours.
our
recom¬
as
to promotion—
increase—reclassification
basic points which
given
ture, embodying proper job differentials, is fundamental
to
;
Thus the first job with respect
to policy on personnel is to
have
philosophy of
clearly understood.
salary
the
perform¬
employees over a
all
(3) Assure itself that
merit
whether the employee's wage or
plans used in
administration,
A fair wage and
{
the
and
of
ance
more
mendations
specific training on just how to
instal and administer the
plan for
the operations which will be un¬
der their jurisdiction.
evaluating employee
Measuring
or
begins the installation of job and
employee evaluation. These men
go through the entire procedure
point by point in order to receive
'
(3)
the basic principles involved.
It is as follows:
^
general
'
'
ers
manager, who is responsible to the
President and operates his divi¬
sion as if it were his own.v
"
method of
.'
within the
performance.
Salary Administration
The introduction to
and construction division. Each of
these divisions has its own
a
,
You gentlemen are familiar with
quarters staff.
'
■
the various types of
Koppers Company is composed of
nine major divisions and a head¬
*;
'
•
partments which is to last
This is done by selecting a
parc u 1 a r
cross-section
t i
classification
than 30 days.
,
(1) Adoption of employee rat¬
ing plans as a yardstick for su¬
pervision to use in evaluating
employees' performance.
■: !(2) Setting up and maintaining a uniform and practical
personnel policy,
our
tools for them
assuring the application
policy on a day-to-day
sessions.
and
wage
in
(2) Notify the local Personnel
Manager of the transfer of an
employee from job to job within
the department or between de¬
instal and administer the
plan get
together for some serious training
r;
From this simple statement was
developed the company's plan of
wage and salary administration.;
other.
.
how this
second
the
ment for services rendered.!'
ex¬
can
one
take
us
of
change
a
grade.
in
this
wage
Plant
and
.
The; plan, procedures
are
Heads
lowing;
(1) Notify the local Personnel
Manager of any change in meth¬
ods, equipment or conditions oil
»existing jobs which may require
primary responsi¬
techniques
the
to
Managers shall hold their supersion responsible for the fol¬
Following these "appreciation"
sessions, the people who are to
salary
administration further provides:
which says: "a sound basis of pay¬
be illus¬
trated by taking one phase of our
personnel program and following
it-
con¬
.
to show you
statement of
Plan
and
plan
them.
use
of
mining
Our
the
pertinent
salary policy,
Division
i
basis.
classification:
procedures,
and
bility for "a sound basis of pay¬
ment for services rendered" rests
of pay as
things we must have a plan. Every
plan must be administered - by
that
with
*
step
:
have separated
we
a
sbund job rating provides a more
accurate and impartial set of tools
for the supervisor to use in deter¬
policy
of
statement
the
just outlined,
records
which
ment
provides
policy,
during
These members of line manage¬
are made to
clearly under¬
evaluation
Job
various types of employee benefits
such as pension plan, insurance,
of
sessions,
iar
with
the
wage
and salary
policy, the specific plan, and the
procedures and techniques which
are to be employed in
installing
and administering it.
to good
stitute
tration program.
and salary
policy are not being carried out.
(7) To set up and maintain all
time members of management at¬
tend conferences to become famil¬
job
problem,
however, is in defining a philos¬
ophy, breaking if down into actual
•
ciation
em¬
the
on
visions of the wage
The first step is to hold
appre¬
accu¬
an
statement, "an under-, industrial relations.
standing of the individual em¬
ployee's dependency on the group
niques,
explain their plans and' as a whole for his and! our future,"
show the systems that
they use as is the basis of our employee re¬
tools of the trade, v
lations
activities
which
involve
■'•"*'
*
sonnel
measurement
ployee's performance
You have heard per¬
discuss their tech¬
his
Fair and
.
training programs
for the efficient
handling of promotions and trans¬
You have heard them
speak of
their dependency upon the "com¬
man"
part of the plan.
incentive plans,
and techniques
philosophies and the Golden Rule.
mon
stallation of the wage and
salary
administration plan for that par¬
ticular division.
Policy
merit rating program,
our
(2531)' 7
.
situations where
the pro¬
and
then tell them about it.
You
I am sure, that the
average American working man
or woman wants only a fair deal
will
and
agree,
believes
entitled to
the
one
as
other fellow
well.
,
,
is
Koppers
Company believes that is what our
people want—and that is why we
think it is worth while to try to
"put our philosophy to work."
<
"V
THE COMMERCIAL"# FINANCIAL: GHRONIGLE
(2532).
These
Slichter.
World
Economics-Key to Business Stability
(Continued from first page)
and historical approach to eco¬
nomic analyses is outmoded; and
we see the broadly human view¬
of
point
\
•
formed
into
business
revival
-a
as
of
device
a
developments,
issues, let me repeat, are a matter
not ot world politics as too many
carded in
•
instability that
economic
is
so-called crises
is involved in the
capitalism, or, to use the title
a
recent paper by the distin¬
of
of
United
for
economist
guished
Bradford B.
Smith, it is "the roots and fruits
of boom'' that command our at¬
Mr.
Steel,
States
until
and
economic
elementary
this
can
we
settle
prob¬
must deal
we have
lem, it is plain that we
with Russia as indeed
do right now, on a
the power to
"get-tough" basis. However, the
expense of such a program, even
if it should not involve war, is
making it obvious that it is likely
to defeat its own ends.
I mean
that procrastination, regardless of
whether it be tough or tolerant
in
psychiatric pressures, will
spread of communism
than of capitalism because
its
the
see
rather
economic
the
of
instability—the
of the plunge
inflation—which the building
certain continuation
into
of
Transition
it
be
of
Period
socialistic
it is an almost
'
reconversion
finance the program, proceed with
further deficit financing and ex¬
potential infla¬
tionary base, and additions to the
the
of
pansion
bear.
approach
the financial basis of "boom and
is difficult to even
simply
of
nomics
the eco¬
obscure to
because
#
money
is
Nevertheless, it is
precisely this matter of money
that- must be
comprehended if
there is to be judicious thinking
about
the causes, controls, and
consequences of inflationary boom
and their relationship to business
stability.
"In
fact,"
says
Mr.
Smith, "I would say that the
American people had better find
out about money—and quick!"
I
repeat, .in high position in
business—and may I also say in
politics—there are far too many
people who
know little about
money
or
fiscal and financial
policies, and care less. As a mat¬
most
ter
people.
of
there
fact,
millions of
are
people who feel it is a great bur¬
den to
even
have to listen to dis¬
cussions dealing with the subject.
Largely
all
as
sides
answer
result,
a
hear on
production is the
that
to
version, to
required in order to restore, it is
said, the competitive} sithgtion; or
buyers' market" where the" profit
motive cart have full sway. Mean¬
while, there has tc be what the
socialists call a period of transi¬
tion. in which prices are not de¬
was
the-
the
free market.
a
excuse
That
for the aitempt of
Administration
to
continue
OPA far beyond V-J Day.
It is
the reason for
Chester Bowles'
bright
idea
committees
termina
for
to
business
control
ions; if current
men's
price
de-
prognos¬
longer
no
not,
our
the
fruition
that
new
New
a
amount
prices, some years ago little pigs
destroyed; and, as late as this
were
past season, literally tens of mil¬
lions of bushels of potatoes were
1 made unfit for human consuinpj tion, for the purpose of removing
so-called "surpluses." The counterpart of this irrational approach,
| in turning from too little to too
transition much, is as close an approximaDeal
so
tion as possible to economic slavery and sumtuary controls in the
attempt to compel production and
restrict consumption.
the limit. We have only to
off communistic aggression
American credits unlimited,'
as
fix
Henry Wallace, while we
nuclear energy to give us an
assured supply of everything. This
up
ought to include, I suppose, stand-
secret of
uncovered — or
about to be—we have only to build
skyscrapers
unlimited
over
the
ing room; for with the
comes, and national income would
be greatly stimulated by govern-
photosynthesis
earth in
the
of
surface
order to
multiply the human race without
stint.
Thus
civilized man is to
perfected form
life chosen of God
not only to
vegetable
whole
the
displace
kingdom!
to
'
also
human life off the stage, but
^
menl spending. We might bear in
mind that the original concept of
the Reconstruction Finance Corporation. after having been placed
in operation, failed to reconstruct
in private enterprise.
So the
"functional f mancing" of the New
Deal's "war" against depression
supplemented with all the
j things called "social gains." We
was
im-1 epua^ed the "liberal" labor laws
plication of the blind neglect of
ca^ I°r shortened iicurs,
monetary considerations that char- minimum wages; and there tolthis
All
has
work
advisors
reeent
recent
It is
his
his
hv
by
Employ¬
the Full
under
ment Act
the
into
sneeeh
speech
claimed, without
reservation, that "our private en¬
system now has the re¬
sponsibility for prices." We even
terprise
hear
that
rumors
Nourse
Dr.
is
to stump the West to tell 1he fam
stu.mn thp West to tnll 1hp fam-
ily farm about this responsibility.
Of course,
when
the NAM was wrong
promised price-depress¬
it
ing production in Congress would
of deliberate
with all of the
9 program
the TNEC
of
written
been
President'^
President's
inescapable
an
the
arterized
and
is
feather-bedding
general developments tnat have
followed.
however,
Now,
winds
the
Siting
.
tough' with labor in an
a productivity
99^ - 9..
_
which full employment has failed
to
It is confusing to
bring about.
business management to face
ations
situ¬
whqr^ wageg are rpaterially
increased,
dent right when he tells us that
"we are beginning to sense the
out
but
production is not
increased.
peacetime economy
onJy eaual our wartime
our
not
can
but can surpass it."
If |
.means
endorsement of the
economy,
this
Nourse- idea
is
clearly
we
that the
from
munism
But
at all why
the rest of the
reason
no
cannot rescue
world
quantity of
be ignored, then there
money can
starvation
our
wartime
Com¬
and
by playing Santa
Claus.
economy
was
over-supplied
with
money to an extent that cannot
be
removed
by production, not
undeniably
even
with atomic
Problem
of
energy.
Monetary
Controls
The problem of monetary
trols,
which
mental
is
purely
responsibility,
a
con¬
govern-
does
lowest
its
to
this means
be taxed to
terms,
that the public is to
prevent inflation if and when the
commercial banks issue too much
it necessary for us to point
j Is
the
plain
parallel
between
these trends in America today and
the
complete suppression of
eco-
n.°*2?c freedom under both FasSlsm a. to be
Communism m Europe.
It ought
plain, if it is not,
that business
(and
can
or
perhaps
not
confused
economic
political
be developed
by
what
is
a
stability
stability)
in
a
world
virtually
universal system of counterfeiting
savings through bank credit which
becomes, in the case of the Soviet,
politbureau credit.'
Sumner Slichter has pointed out
that
our
\
'i
rely upon the:so-caUed "end¬
less frontier" of scientitic tech¬
not
niques to pull us Out of
tion
as
a
inflation.
look upon infla¬
We shall have to
not an .effect,
cause,
of
scarcity.' We must not forget that
modern trade is not a barter sys¬
There is,
tem.
and
dependable m.edmm
which
has to be} a
of exchange
and does buy > the same
can
instance, the Presi¬
dent has recently taken the posi¬
tion that taxes should not be re¬
duced at thus lime because there
value, at any time or place, at the
same
price
without' significant
great Federal debt; and
the Federal debt sprang from def¬
there
is
aptly
exemplifies
credit.
For
change.
Assessing and col¬
from the people
tends to deflate as deficit financing
inflates.
Here we stand between
the Devil and the deep blue sea;
icit financing.
lecting
taxes
is, between inflation on one
and crushing taxes on the
that
hand
that
one
no
are
we
not
stagnation and
are implicit in
such a situation.
Business instability is practically
assured.
problem we face is thus
all a matter of findingdifferent ideologies in
this One World of ours; nor is
this because the World is to be¬
come ari atomic Utopia as soon as
at
not
for
room
developes
the
required
and spirit of compro¬
Russia
tolerance
Indeed,
mise.
is not
it
our
dif¬
political ideologies that are
making trouble. Rather is it civ¬
ferent
all
ilization's
similar
too
eco¬
errors—such
as are leading all nations into
a
process of chronic monetary infla¬
tion—which can not be tolerated
if we are to have stability on this
or any other planet populated by
human beings.
Regardless of po¬
litical forms these economic fal¬
lacies
are
present
throughout
civilization to make trouble for
any government,
whether it be
nomic ideologies and
the
established always in
and
stability
accurate or not,
report which
the irrational
current
a
monetary
in world
trade. Even while we are scraping
our
grain bins to keep Europe
from starving,
tons of fish are
said to be unmarketable in Eu¬
of
lack
that
behavior
produces
uniformity
of any use- medium. In the hunt
dollar some , of
these fish have, it is said, actually
economic slavery found their way into the Amer¬
assurance at all
to have both at
and the same time. Economic
with
other,
*•
Whether wholly
,
is such a
of
name
freedom
of
from
want.
because of a lack
rope
ful monetary
almighty
the
for
ican market and have so
affected
prices as to tie up some of our
own
fishing fleets because oper¬
ating
not be met at
could
costs
the pi ice
set for fish in our mar¬
by foreign competition.^
Here
is foreign
trade with
kets
a
<
vengeance! But it is lowering, not
raising, the standard of living! It
is. a typical product of the mone¬
tary mess in which civilization is
involved and which produces the
illusion that any trading at all as better than none, the assumption
being that as in barter there could
be no
trade that harms rather
traders. In mon¬
than benefits the
etary trading this
true.
days
of
is too often not
since the
generations,
For
mercantilism,
been calling an excess
we
have
of exports
"favorable" bal¬
ance, just as any
business firm
would be thought of as "in the
imports
over
money" if it took in more money
than it spent.
But since there is no common
and
money
system for
happens is a
which
"favorable" flow of
that has served to promote
pseudo-barter
of
brings about a
gold
domestic credit inflation
a
Danking
.
,
banking
foreign trade, what
sort
.
a
.
in thei\
and so prevent of such deflation
system
the development
depression as that which en¬
sued upon the rise of prices after
the first World War when gold, as
and
supposedly standard value, fell
in supply because it was
he one object of trade which was
fixed in price by law. In clinging
to ! this international illusion we
have allowed foreign interests to
a
of Money Essential
Stability
Unless this money
question can
therefore, the prospect
is plain that the world will be
divided into at least two collec¬
tivized camps expensively defy¬
be solved,
If this problem
as most people
it should be, it
each other.
were
as
simple
ing
behind
sell
us
gold at what was, in the
least, about twice what
worth in terms of produc¬
'.hirties at
it
was
buried it in an
Kentucky mausoleum.
The recent Russian gold loan to
Poland is a reminder of the fact
that gold can still be transformed
into
dollars—but not back into
rubles
at a fixed price regard¬
phers have not yet adequately
less of the operations of the Bretconceived—a revolution which
ton Woods Fund and Bank which
will counter rather than beget the
Utopian
ideologies
which
are are, it seems, turning rather into
a Sterling stabilizer than a multi¬
thought of as the path to stability
lateral exchange system.
and peace.
For I cannot believe
think
to
seem
solved long ago,
for monetary reforms are nothing
new.
I suspect that no solution
will be found without a revolution
in thought such as our philoso¬
would have been
tion cost while we
expensive
—
are
from a different direc¬
tion, as we face inflation. We have
changed our course and we are
blowing
cripple and finally get rid of OPA.
But that does not make the Presi¬
fact that
system by,, what is called "com¬
pensatory fiscal policy." Reduced
During the depression-controlled
30 s, tnerb was developed tne
Keyresian philosophy of "multiplier" economics and compensacapitalism, communism, fascism,
tory government spending. The or any other ism that it is foster¬
theory was, for ins ance, that if
ing.' As long as the monetary fac¬
the Government did spend, say,
tor is not corrected political meas¬
$3,000,000,000 per annum in the ures in other directions are worse
form of pump-priming, that would than futile since they inevitably
provide consumer buying power lead to tyranny, and tyranny spells
in (the form of dollars and thus instability and war without sur¬
tend to remove the deficit in in- cease, despite the fact that it is
—perhaps I should say the atomic
—
which is to make any
amount of both private and public
deficit financing feasible with the
pile
buy
In dealing with mone-
deficiency and its effect on
tarv
So, in the guise of
(alias reconversion) the Democratic donkey has dangled before
him an elusive wisp of surpluses
tied on the end of the atomic pole
sky
wittingly or
"the road to
of inflation
embarrassing.
be
can
of
no
points,
straight down
serfdom."
worry
profit motive and tighten
belts for the transition into
eliminated
the
The
view
This
scarcities
get the
we
soaring prices; recon¬
provide abundance is
termined in
need
the
shove all other animals and much
Fiscal and Money Problems
bast,"
We
has
prices."
which have
characterized this heretofore Malthusian world if we will but for-
of
It
Here it
just let
profitless
a
Union
of the busi¬
ness cycle, with its unemployment,
at the expense of chronic mone¬
tary inflation; and let me say that
it is just such a pattern that lies
ahead of our present policies in
ignoring the monetary angle and
saying, as Mr. Truman put it, that
"our
private enterprise system
now
had
the responsibility for
period of transition we can attain
a
virtually unlimited supply of
everything and government will
be thus relieved of its perennial
monetary worries.
This is pre¬
cisely
the technological Utopia
which is being held up in the
honeyed
phrases
of
dialectical
materialism
before the
Russian
become the finally
debt.'
total Federal
presence
the deflationary side
equally char¬
have
Soviet
the
Right
program.
acteristic alibi in the current offi¬
says
as
their
that has brought tyranny upon the
Old World. It is to be noted that
noted, is the most charac¬
procedural
element
in
every
wall around Russia
our
at¬
clearly on the way into the
same
difficulties
with inflation
teristic
It is reasonable to assume
the full breadh and scope
present anti-Russian influence program unfolds, the peo¬
ple of this country will, instead
of placing the necessary dollars
in the tax boxes with which to
that,
are
makes
monetary control just about im¬
possible. They thus defeat their
own
end of full employment, or
This so-called transition period,
with
military
a
entails.
"planning,"
are
about
tention.
Unless
con¬
at least of full production, and we
cial agitation over prices.
is alleged that if we will
over
that
stand
Department of Agri¬
our
the planned
economy is the question of eco¬
nomic stability which you have so
aptly set for your general topic
It
the
tempted; and it is vital to under¬
culture.
now
'
side-
for
people are inclined to believe, but
of world economics. The heart of
this- year.
Blue
stepping the anti-trust laws
against collusive upward pricing
—an idea which has yet to be dis¬
hardly hope to
settle
down to anything resembling sta¬
bility in business without first re¬
solving the issues between capi¬
talism and communism; and these
dispute
to
bureaucratic
Communism
this
President's
nership between government and
can
we
.
counsellors
economic
would
the
basic¬
Capitalism and
In .view of these
OPA
resolved,
Eagle days with their NRA part¬
ally philosophical problem.
of
tnis disguised revival
be readily trans¬
come true
of
be
to
were j
trary notwithstanding.
;
It is for lack of monetary con¬
trols that these other controls, of
into its own as a moral or
Conflict
to
price recession
a
coming
Academy
your
tications of
chiefly
are
Keynesian school of deficit finan¬
ciers who hope to offset the in¬
herent instability of this "credit"
Thursday," May Sf1947
"-i
■
Federal Reserve System,
designed to provide "an elastic
currency" through "central bank¬
ing," is so perverse-in actual oper¬
ation as to promote business in¬
stability. There are. of course,
have1 those who disagree with Professor
that
or
competition is a dog-eat-dog
private property a
dog-in-the-
'
j 5 JJretton Woods Fallacies
Qfr course, the public generally
situation which can be
was seriously misled—by the re¬
abrogated,only, by aciual freedom
ligious-' fervor »with which the
from want or, as the Keynesians
Morgenthau
cohorts lbaliyhooed
think of it, bv saving and invest¬
Brettop
Woods—in to i. thinking
ment to the point of having so
that, giyen the familiar: transition !t
much productive capital that it is
period, this Keynesian plan'would v.
"free goods"; that is, commands a
indeed bring about as1 uniform)
zero rate of interest.
'
basis for international* exchange i s
T fear'we have forgotten
the
as we. have domestically)between, i s!
Christian good sense in the warnT
our forty-eight states." These >ar-1: ;
ing that "the poor ye have with
ran gements,» have
.fallen 3 ■ pretty :
you always"' There will never be
flat
already. f-F°r.iinstance,« we
a
day H-vhen the charity of those
have the, present: difficulties <with ..
who have, for those who have not
the
International 'Credit tiBank,
will be so much nut of place as it
the management. oL which, as j well
is out of place as a way of re¬
as
the Bank .itself, tisti"in > the
moving that needless poverty, due
manger,
,
instability, which puts
charity as
it into hatred.
to business
such
a
to turn
strain on human
Scientific Techniques vs.
We
sons
afford to
the negative sort of les¬
can
overlook
that
lessons in
this'
Inflation
no
longer
teach-r^the
9a444
history pan;
what. WP
cas^ 'ih'ihe jfapt th^we/an
shadow of the 8-ball.7. Altogether,.
the Bank has had a bad press;
Eugene
President
tion,
Mr.,'.
Myers'
with
and
all
not make the
acceptance "as
then his resigna->
that followed, did
whole approach any ;
difficult. The. gaps in the
Membership of the. Bank, if re-
less
moyed, might help the situation,
substantially. Fori instance, why
yplurn(e. l6S^ Number 4592
;;
fcf'-f
not
Argentina,
'
Sweden,
;
.THE COMMERCIAL & FINANCIAL
Switzerland,
Portugal,
and
Spain,
membership
nomic
bers?
lute
.
add
help?
how
and
but
consti-
impecunious* candidates
position
to
contend, and the passing
time may establish, that the
of
in
•the
its
operations will in¬
the further distribution of
volve
substance
people ^
in
omened
of
the
attempt
win
to
and influence nations
grants,
loans
proaches
we
moment,
this
friends
make.
may
some
the
strong,
would
its
appear
on
a
world
Professor
sufficient
be
as
necessary but
conditions.
They
sufficient ^for
discover
survival
the
that
ture
the power,
position, and
jurisdiction of the President of
the Bank may have to be
changed,
and
substantially. Pyramiding de¬
foreign loans have re¬
mands for
vealed
the
schemes
provide
truth
were
that
never
a common
these
a
to
move
world currency
that would eliminate barter from
foreign trade
.financially
and
free from all
trade
restrictions.
.It should be noted that the mon¬
etary factor has been completely
ignored by the advocates
government
xender
therefore
in
advocated
"United"
for
the
Nations
so-
on
a
purely political, police-power
theory which demands controls to
establish
disarmament
a
program
that is highly favorable
to
the
Russian system of infiltration
and
sabotage since it destroys the mil¬
itary advantage which the tech¬
nical
efficiency
of American
in¬
dustry affords.
No
^
general
be
can
disarmament
anything but the
unilateral
same
disarmament
which we advocated
lowing World
plan
old
process
and
got fol¬
War I. So if
we
are
to
proceed, as we are unfortu¬
nately doing, to try to reconstruct
world of geopolitical
power, we
had bet'er abandon
at once the
•old theory of a
balance of power
as the basis of
peace and
a
proceed
directly to enforce
unilateral
world
of
attempt
a complete and
disarmament
on
the
Communism
before
we
abandonment;
any
of
those weapons of mass
destruction
which make it possible
now- ;to
check
Its
.
Soviet
infiltration,
periphery, but
It
is
a
at its
not, at
sourci
sad
commentary on tile
lack?.of. intelligence among our
own
intelligentsia that
this
bare¬
faced;
use of power in
world pol¬
itics. should be
implied in the pro¬
gram i,which)
they
are
^hatraSjiadtogi.to the
tions!
.
Chanten:
control! i bver?
the
m
-
an
the
'
proposing,
United Na¬
authoritarian
individual
solem purpose-cofp
for
enforcing
aallegedly., multilateral.1
dis-
armamentuThese cohorts of peace
;^reifollowing! Mr.- Wallace into a
liebulhsity :of pTansJ that lca?T'only
world
state,
I
those controls
should
entists)
able
hands
ing with
be
not
to
extent. For
group, your
in
to
(sci¬
fear
that,
as
a
and
to your greatest
totalitarian
conditions
of
peace
are
primarily
a
matter
of
the Invisible Hand1'of Adam
Smith's economics and not of
the
consent of the governed in
more
or
less
democratic politics.
The
110.34
112.56
121.61
.,121.04
118.80
121.04-
117.40
122.50
120.43
117.00
Apr. 30
110.34
112.56
118.80
121.64
121.04
117.40
122.50
120.63
117.00
110.34
112.56
118.80
121.74
121.25-
117.40
122.50
120.43
117.00
110.34
112.56
121.70
118.80
117.40
122.50
120.43
117.00
110.34
112.56
118.89U121.04
a
117.40
122.50
120.43
117.00
110.34
112.56
118.80
'
29
28
17
26
"After
in
a
horror—to
all,
sense
(scientists)
you
more
responsible
for example, than
for
socialism,
Marx.
.
.
Marx
In
.
did
no
the
last
analyze what he
him and
.
.
.
.
analysis,
than
more
.
observe
saw
around
thought (thus) to de¬
various other isms
striving
a
to
are
but mani¬
maladjusted society
reach
some
sort
mechanical aspect
122.50
120.63
112.56
118 CO
122.50
120.63
117.00
11C.34
132.5C
118.80
117.40
122.50
120.43
117.00
110.15
132.56
121.80
118.80 'M21.0-1
117.40
121.80
122.50
120.43
117.00
110.15
132.56
118.80
117.40
122.50
120.43
117.00
110.15
112.56
118.80
a
117.40
122.50
120.43
117.00
110.15
112.56
118.80
121.80
117.40
122.50
120.43
116.80
110.15
112.37
118.80
121.77
117.40
122.50
120.43
116.80
110.15
112.37
121.80
117.40
118.80 *"420.84*
122.50
theory of natural
120.43
116.80
110.15
112.37
118.80
I 121.04,
121.86
117.40
122.50
120.43
116.80
110.15
112.37
118.80
121.95
121.04*
117.40
122.50
122.43
116.80
110.15
112.37
118.80
121.04
a
117.40
122.50
120.43
116.80
110.34
11
112.56
138.80
122.02
117.40
122.50
121-04
120.43
116.80
110.34
112.37
118.80
12L2$-
122.11
117.40
122.50
120.43
116.80
110.15
9
112.37
118.80
122.20
117.40
122.50
120.43
116.80
110.15
8
112.37
,122.20
117.40
122.50
120.43
116.80
118.80r
110.15
112.37r-118.60
122,20
117.40
120.43
116.80
110.15
7
5—
a
we
with the ethical
society by
not
can
122.50
120.43
116.80
preserv¬
ing,
have
we
got
to
supply .an¬
112.56
118.60
ClftMd
322.17
117.40
122.50
120.43
116.80
110.15
112.56
118.60
121.04
122.17
117.40
122.50
120.43
117.00
110.15
112.56
118.60
121.04
122.11
117.40
122.50
120.43
117.00
122.50
120.43
117.20
110.34
112.75
118.60
121.04
122.29
120.22
117.00
110.15
112.56
118.40
122.27
121.04
117.20
122.09
14
7
Feb.
122.20
21
120.07
117.00
110.34
112.7?
117.20
122.09
120.02
117.00
110.52
112.75
118.40
120.84
117.20
122.09
120.02
117.00
110.52
112.75
118.40
120.84
122.17
28
117.40
122.09
120.22
111.20
110.70
112.93
118.40
121.04
117.40
122.09
120.02
117.20
110.88
113.12
118.40
120.84
117.60
122.09
120.22
117.20
31
111.07
113.31
118.60
120.84
122.08
117.40
121.88
120.22
117.40
24
Jan.
122.14
122.20
122.20
110.88
113.31
118.80
120.63
122.39
117.60
121.88
120.43
117.40
110.88
113.31
118.80
120.63
122.24
117.40
121.88
120.22
117.40
110.70
113.12
118.60
120.64
122.17
117.20
121.67
119.82
117.20
110.52
113.12
118.40
120.43-
10
1
1 99
116.80
121.25
119.61
116.80
110.15
112.75
118.00
120.02
122.39
117.60
122.50
120.63
117.40
111.07
133.31
118 80
121,25-
121.61
I
1947
1947
1 4
116.80
12] .04
119.61
116.80
110.15
112.37
117.80
12p.02
124.45
118.80
122.92
121.46
118.60
112.93
116.61
119.201 120:84
115.24
120.84
118.40
115.43
107.09
112.19
114.27
1 Year Ago
6,
1946__
2 Years Ago
May
5,
1945—
122.38
MOODY'S
(Based
1947
U. S.
Daily
Govt.
Averages
BOND
YIELD
Individual
on
Closing
is
utterly
impossible
to
di¬
theory
real
Corporate by Earnings*
rate*
Aaa
Aa
A
and
problems.
peace
economic
prospect
people
stability are a zero
long as the American
so
have
not
"learned
By
this
I
money."
so
Political
long
as
about
to
mean
say,
possible govern¬
ment by reason of its ideas
about
money and the public's ignorance
any
of
the
subject, proceeds to man¬
ipulate-deficit finance, expand in¬
flationary base, and then move
into government
controls and the
destruction of individual
ic
liberty,
for our
there
will
econom¬
be
trouble
people.
with
the
2.80
3.14
3.03
2.71
2.63
2.80
3.15
3.03
2.71
a
2.78
2.53
2.63
2.80
3.15
3.03
2.71
2.80
3.15
3.03,
2.71
2.80
3.15
3.03
2.71
2.80
3.15
3.03
2.71
1.57
1.57
2.78
2.53
2.63
30
1.57
2.78
2.53
2.62
2.78
2.53
2.63,
1
1.56
2.78
2.53
2.63
2.80
3.15
1.57
2.78
2.53
2.63
2.80
3.15
2.78
2.53
2.63
2.80
26__
i
a
25
1.56
£4
Director of
a
the Bank of
England in the other
observed just
war
was
that:
,
breaking
'•
v v
"Strenuous
made
up
over
as
the
over
recent
Europe,
2.ri8
2.53
2.62
2.80
22
2.78
2.53
2.62
2.80
2.53
2.63
2.80
3.16
1.56
2.78
1.56
2.53
2.78
have
been
25 years to
patch
stands,
and
in
social
the
of
progress
betterment,
thereby
way
that it is not the
inevitable smoke
of the
galley stove which assails
our
nostrils, but that a fire is
raging in the hold and that 'the
ship of:.ktate is in imhri'bient 'dan¬
ger.
our'
Gur "demdcratic system
and
1.56
2.63
is
strifes, market confu¬
inflationary and interna¬
tional tensions, and'
ultimately, a
day of reckoning."
Finally, let me point up a clos¬
ing question by reference to Gen¬
Marshall's
recognition that
time is' running against <us as we
talk
ofp compromising
with
Why .try
tyranny and treachery,
to pompromige with evil in the
old game of power
politics?; The
final message of the man who
stood, before Pilate mocked by a
of thorns was that his
crown
was
no
earthy, that is,. no political,
kingdom..;. He caiper to bear wit¬
,
ness
unto that which
geoned into a science
,,
has
bui>
that
has
dangerously lagged in the social
field, namely, the simple truth!
If, with the truth, we can ever
settle
the
nomics
ability
problem of world
that
to
is
seek
challenging
and
know
eco¬
our
what
truth
is, and so answer Pilate's
query—if ever- there is to be a
.
exi&tingfinbhdial system'can. day of reckoning, why not now?
2.5'Jt^v
2.71
2.71
3.03
2.60
2.71
2.61
2.53
2.63
2.80
3.16
3.03
2.71
2.61
2.63
2.80
3.16
3.03
2.71
2.61
2.53
2.63
2.81
3.16
3.04
2.71
2.53
2.81
2.63
3.16
3.04
....
2.71
2.£fr
2.61
2.78
2.53
2.63
2.81
3.16
3.04
2.71
2.6ft
2.78
2.53
2.63
2.81
3.16
3.04
2.71
2.60
14
1.55
2.78
2.53
2.63
2.81
3.16
3.04
2.71
2.CO
a
2.60
1
8_
9_::z:::
,
7
2.81
3.15
3.03
2.71
2.63
2.81
3.15
3.04
2.71
2.50'
2.78
2.53
2.63
2.81
3.16
3.04
2.71
2.59
2.78
2.53
2.63
2.81
3.16
3 04
2.72
2,60
2.53
,2.63
2.81
I, 3.16
1.53
2.78
1.53
f
5
2.63
2.53
1.53
J;
2.53
2.78
1.54
10
2.78
1.54
11—
2.78
2.53
2.63
2.81
2.73
a
,
2.53
2.63
2.81
3.04
2.71
3.16
3.04
3.03
2.72
<
Market
3
Closed
1.53
2.78
2.53
2.63
2.81
3.16
3.03
*
.
2.72
1.53
2.78
2.53
2.63
2.80
3.16
3.03
2.72
1
1.54
2.78
2.53
2.63
2.80
3.16
3.03
2.72
—
_
2.60
2.60
,..,2.60
'
2—
.
'
,
2.72
3,16'
*
'
4
2.60
i2.tjQ
^
2.60
Mar. 28
1.53
2.78
2.53
2.63
2.79
3.15
3.02
2.72
25
1.53
2.78
2:54
2.64
2.80
3.15
3.02
2.73
2.60
21
1.53
2.79
2.54
2.64
2.80
3.16
3.03
2.73
2.60
1
2.6Q
14
2.79
2.55
2.65
2.80
3.15
3.02
2.74
1.57
2.79
2.55
2.65
2.80
3.14
3.02
2.73
2.61
28
Feb.
1.56
7
1.56
2.79
2.55
2.65
2.80
3.14
3.02
2.73
2.61
21
1.57
7_
Jan.
2.<Bt
2.79
3.13
3.01
2.73
2.60
2.78
2.55
2.65
2.79
3.12
3.00
2.73
2.61
1.56
,
"2.78
1.56
14
2.77
2.55 1
2.64
2.79
3.11
2.99
2.72
2.61
2.64
2.55
31—
1.57
2.78
2.56
2.64
2.78
3.12
2.99
2.71
2.62.
24_^_
1.55
2.77
2.56
2.63
2.78
3.12
2.99
2.71
2.62
17
1.56
2.78
2.56
2.64
2.78
3.13
3.00
2.72
2.61
10—
1.57
2.79
High
Low
2.59
2.67
2.60
2.67
2,77
2.53
,2.62
1.44
1947—i
2.81
2.81
.1.63
1947——
2.71
2.51
1 Year Ago
May
6,
3.14
2.81
3.16
2.78
•2.72
3.00
•
3.16
2.81
.
.
2.73
2.63
'
'
3.02
2.73 1
3.04
2.76
2.&5
3.11
2 99
2.71
2.sa.
3.01
2.82
2.69
2.61
.
2.65
t
•
1946—;
2.79
2.66
2.57
1.57
1.57
,
industrial
2 71
...
.
•,
12_
a
insidious bot¬
tlenecks, violently fluctuating but
upward-moving costs and prides,
3.03
'
ideal—of
setbacks,
2.60
3.03
.
3.16
2.80
2.59
2.60
2.71
2.53
.
2.78
.
1.56
1.55
hectic process of full
employment
with shifting and
eral
money system in an at¬
tempt to make it last a little
long¬
er,1 but-it has stood, and now
17
16
are
temporary
'» 2.59'
2.71
2.71
3.03
,
3.15
2.78
*
of
and
2.60
<2.60
3.03
3.15
1.56
15
April 24, "is not a mild
recession, this year or next, fol¬
lowed by a 'high plateau' of
long
and healthy
prosperity. What we
are
facing, with or without minor
'i
3.03
1
alloy
,
efforts
some
the
icle"
2.6ft
,
3.03
•
3.15
'
1.56
23—11—
action
facing," wrote
Palyi of Chicago
in
"The
Commercial and Financial Chron¬
'2.5»
.
*
29
•
#
'
Indust
2.63
2.53
1
deal
Dr.
P. U.
2.53
2.78
2__'
sions,
{Vincent Vickers,
war,
we
R. R.
2.78
1.57
3
and
"What
Baa
1.57
5
Apr.
4
Corporate by Groups*
6—L—«►
May
to
practice; for as Dr.
vorce
world
economics
from Goldenweiser
said, : "every
im¬
world
politics.
In
my
humble portant forward, step in the prog¬
opinion, this becomes more evi¬ ress of humanity has had its or¬
dent
each
day.
Political peace igin in the abstract, supposedly
and
economic
stability
work impractical thinking and dream¬
hand in glove.
They embrace the ing of the scholar."
same
'1
,
Corpo¬
Bonds
■'
*•-
Prices)
'
2.78
the
^W.41
AVERAGES
Avge.
1.56
an
120.84
7
18
social
118.20
14
2.78
of
121.04
117.40
117.20
fatalistic mate¬
substance is
118.60
122.27
a
mainspring
112.56
'
122.24
21
of
110.15
*
21
19
that its
121.04
V
Mar. 28
which
the
121.04k
Market
neglects the fact that philosophy,
whether it is recognized or
not, is
and
110.15
121.04
118.60
3
2
...
other answer. ..."
112.37
121.25121,04"
4
problems of hu¬
a
naturalism
or
122.50
117.40
28
not
120.84k
10
,
assuredly,
120.84k
'121.04k
14
15
sciences."
Stupid it is,
recognize that
1 20.84k
'
12__
]
May
the
121.25*
-
1 121.25*
17
what
or
110.34
18_I_IIH
Low
fallacy,
137.00
19
21
High
rialism
117.40
117.40
121.80
22
industry, it is rather
culturalistic
from
121.74
121.74
_____
1—
the
J21.04*
23_„
en¬
the
metaphysical aspect of its
monetary problems, that can find
social
solutions
in
theory and
man
of
equilibrium.
If we do not like
that sort of solution, if we think
freedom is a value worth
not
modern
lated
duce the inevitable
laws of social
evclution. If we
take
a
broad
view, Fascism and Bolshevism and-
festations of
is
121.25f
V
24
de¬
if it were a colony of ants.
This
philosopher points out the "fail¬
ure of our political and economic
thinking to reconstruct our mon¬
etary theory" and "the stupid -and
terrific price that has been
paid
for keeping moral and political
philosophy and economic theory
in water-tight
compartments, iso¬
a
are
.
individual
i__
25
might be called the anthill fallacy
of studying our human culture as
system.
creating universal unrest arid a
assure 'the; triumph of
tyranny and! tendency to obtain
by force what
ultimate ^world-wide
anarchy. For can not be obtained
otherwise.
power alignments are the
last, not For the sake of our children
let
the; first, consideration iri
develop¬ us take warning in time. Let
us
ing a* lasting, peace.
*
discard the policy of
,
inaction and
Not even plans for the
control
pretense, and boldly face the fact
of atomic energy can afford
to ig¬
nore
the fact-that the
112.56
the
a
.
.
of
121.04
118.80
110.34
Northrop, in his treatise on "The
Meeting of East and West," calls
approach in deal¬
human problem
.
of
118.80
117.00
of
philosophy.
The
factual
social
theory of the historian or statis¬
tician can only lead us into what
,
consider¬
any
I
.
happy
your
of
we
.
end
112.56
117.00
solved—many
the
121:25
110.34
120.43
economic dilemmas
on
proponents
It
na¬
if
at
118.80
117.00
R. R.
120.43
terprise."
with
might
easily be the best way to lead us
—quite unwittingly on your part
It
Disarmament and Atomic Control
the
by
however,
am,
that
and
proposing a sursovereignty. Power is
of
called
of world
of
content
I
have
and make the world
one
alone.
say
particularly, the provisions which
to
not
am
dicernible
Indus.
112.56
120.43
122.50
period after its
a
P. U.
110.52
122.50
122.50
Communism," he point¬
out, "places
liberations
survival,
should have
one, and with the lo¬
cation of the controls of
power in
that state. I should even
the
general rules and regulations
and,
irefer
I
...
ed
Baa
117.00
117.40
117.40
to the question are still to be de¬
Albrecht-Carrie,
Corporate by Groups*
A
120.43
121.61
117.40
ago,
veloped.
Aa
122.50
121.64
questions ap¬
still
not
unquestionably
16
'
'
Aaa
117.40
a
dogmas, in fact, an-exclamation
point, while a question mark is
may
immediately ahead.
yet
point
"<
•
Corporate by Earnings*
' "
rate*
are
1
while for protago¬
nists of private enterprise
answers
strike me,"
very much concerned with the
may
decades
suggestions, such
government,
Communist
to have been
pear
various
or
view the important
Bonds
PRICES
Average Yields)
2
egocentric
,
cialist
Govt.
averages
BOND
on
Avge.
Corpo¬
Corpo-
Averages
yield
3
Association
at
Atlantic
City last January, "from the So¬
our
management will
Rave its measure
We
nomic
bond
121.61
5
are
organization, in
but
months that lie
an
U.S.
Daily
Averages
May
6—__—
prob¬
personality and tolerance.
in
(Based
1947
Mental, not sentimental, solutions
the
they have tremendous difficulties
ahead of them, and the Bank's
in
ing and not
MOODY'S
,
of morality to make ethical
con¬
siderations primarily an intellect¬
ual problem in social
stereotyp¬
entists) describe
ca¬
leadership is
plane, but
taken
false
"as essentially negative. By
nega¬
tive, I mean that they Pre in the
nature of what you
(physical sci¬
high
very
the
overcome
;C(,.
i
manner:
says
pable and highly recognized4 men
are
in charge
of the Bank.
It
now
can
Bond Prices and Bond Yield
;
Moody's computed bond prices and
given in the following table:
Marxism
prophets of Marxian materialism
only by correcting our own ideas
those for the establishment of
as
a
admit for argu¬
we must
scientists'
"The
ap¬
At
We
Overcome
required to remedy a situation
in
which, as Dr. Goldenweiser
said in his address to the
Eco¬
atomic
ill-
other
of
one
lem
recently, refutes
ultra-pacifistic viewpoint of
through the
and
ment's sake that
and
How to
;
minimizing, governmental
Scientists"
American
fatuous
a
police
by
extend
Some
IBank
together;
saying, with Patrick Henry, "Give
me
liberty, or give me death!"
One of Columbia's social scien¬
tists, writing in the "American
substantial character?
a
in
live
dividual who is determined to de¬
fend his "dignity and worth"
constitute
many
a
credit of
of
use
longer
them must give
way to the other."
interference with the kind of in¬
for
nations, in
the
solely to enforce the ap¬
plication of sanctions to the in¬
dividual by courts that deal
out,
not justice, but power. Justice is
a
problem, not in establishing,
responsibility and eco¬
strength of present Mem¬
How many of them
not
power
strength to the group and the
Bank, generally? What is the fi¬
nancial
is implicit in the
as
being members? Would
their
not
prevention,
no
pound of cure, is essential to the
abrogation of such power politics
important
countries
of
ounce
Russia join the Bank? How will it
function without such
'<
CHRONICLE..,
-rrr
do
*
2.58
1
closed.
'
'These prices are computed from
average yields on the basis of one
"typical" bond
and do not purport to show either the average
price quotations.
They merely serve to
Illustrate in a more comprehensive way the relative levels and. the relative movement
of yield averages, the latter
being the true picture of the bond market.
(3%%
level
coupon,
or
the
maturing in 25 years)
average
NOTE—The
«
issue
of
the
list
movement
used
"Chronicle"
ha
on
of
actual
compiling the
page
mittee
House Public Lands
Com¬
on
Department
to
continue
the
support price program for critical
minerals, according to Washing¬
ton Associated Press advices.
Division
would
at
director
a
be
headed
salary of
The
by
$12,000
a
a
If passed the measure would
permit conservation and develop¬
ment
payments to producers of
year.
copper,
als,
up
lead, zinc and other met¬
to a total of $80,000,000
per year.
given
was
i;:'
April 25 voted approval
for a bill to set up a mineral re¬
sources division within the Inter¬
ior
averages
1321.
Bill for New Minerals Div.
The
.
in
the
Sept.
'.
Daily
Commodity Index
s
I..;--
hr.
Thursday,
Friday,
May
May
1_,._—<
2
—
——
—
,
Month
Year
1946
ago,
High
High
Low
396.T«
4Q0.6
404.3;
April 5
420.0
272.7
Dec.
Jan.
24
March
Jan.
380.6
2
20
—.
26
.
395,7*
397.2.
22
ago
Low
1947
April
f
397.5
Tuesday, May 6——;
ago,
396.9
i
,—
Saturday, May 3—
weeks
v
30—.,—.——~4 1399.6
Monday, May 5_
Two
-
f!'
Tuesday, April 29-^—„—-rnWednesday, .April
1943 \
5,
J
,
264.7
431.3
371.5
will
"price at time of shipment."
The current flow of steel to con¬
been
has
sumers
heavy in re¬
so
"The Iron Age,"
continuation of this volume
cent weeks, states
that
a
the next several
months will result in peak output
of manufactured goods.
By June
of shipments for
July
or
tween
steel users should
many
find almost
normal balance be
a
and demand with
of some flat-rolled
supply
the exception
preceding week and five in
corresponding week of 1946.
Three-fifths of the week's total
the
the
pressed pig iron users can
Hard
compared with 10 in
bered 13, as
steel items.
failures
concentrated
were
in
better supply over the
manufacturing and retailing. Thir¬
next few months, according to the
expect
a
March pig iron output
and
magazine.
close to 92% of capacity
was
April figures equaled or exceeded
that
Some of this increase
been used for
steelmaking but there has also
been a. significant increase in the
amount of iron going into mer¬
figure.
in iron output has
had
users
ty manufacturers failed, show¬
ing a rise from 22 last week and
a sharp increase from a year ago
when
only
12
manufacturers
failed.
In retail trade failures re¬
mained at 24, the same as
Steel
Monday of
operating rate of
the
week
and
on
steel companies having 93 % of the
steel
capacity of the industry will
be 90.6%of capacity for the week
beginning May 5, 1947, as com¬
pared with 96.4% one week ago,
95.1% one month ago and 58.7%
one year ago.
This represents a
decrease
of 5.8 points
or
6.0%
from the preceding week.
The
week's operating
rate is
k
of
tons
1,585,400
to
equivalent
steel ingots and castings compared
with 1,686,900 tons one
week ago,
1,664,200 tons one month ago and
1,034,500 tons one year ago.
Electric
the
that
from
reports
4,667,997,000 kwh. in
April 26, 1947,
ended
week
the
Institute
output of electricity in¬
to
creased
Rises—The
Production
Electric
Edison
kwh.
4,660,320,000
the
in
preceding week. 'Output for the
week ended April 26,, 1947, was
17.4% above that Tor the, corre¬
sponding weekly period one year
ago.
Consolidated Edison Co. of New
York
reports
of
output
system
199,200,000
kwh.
in the week
April 27, 1947, compared
with 180,700,000 kwh. for the cor¬
responding week of 1946, or an
ended
increase of 10.3%.
tion
ous.
values.
In livestock
markets, steers were
slightly easier while hogs declined
than
more
$1
■\
hundredweight
per
Retail volume for,the country in
week ended last Wednesday
the
estimated to be from 5 to 9%
was
post-Easter
Regional esti¬
the
of
that
above
continued
to
heavy receipts.
week
a
year
ago.
Local distribu¬
of
electricity amounted to
188,600,000 kwh. compared with
172,300,000 kwh. for the corre¬
sponding week of last year, an increaseof 9.5%.
period of last year. This compared
with a decrease of 6% in the pre¬
ceding week. For the four weeks ended April 26, 1947, sales in- «
creased by 4 % and for the year to .
10%.
date by
in New York
Retail trade here
week was brisk with response by consumers to specially
priced offerings good. The average increase in department store
volume was put at 10%, though
some
stores ranged from 20 to
25%.
'
\
the past
The faster
mer
selling items in sum-
apparel featured the
markets.
•
•
;
;
;
.
garment
manufac¬
It is reported
have
turers
-
in
were
demand and prices
poor
Trends
in
cotton
were
very
real
Pacific Coast 7 to 11.
continued their recent declines.
There
ir¬
was
no
appreciable
comparable
had more than eight con¬
failing in the week just
cerns
ended April 26, 1947,
14% above the same »
completed their fall
Domestic .and export demand for
sample models but are in the
mates exceeded those of a year
lard remained slow.
Under pres¬
midst
of determining what the
sure
of increased offerings cash ago by the following percentages:
prices will be.
lard dropped 3V2 cents per pound New England and Southwest 4 to
In the heavy goods line, manu¬
in the week.
Coffee and cocoa 8, East 6 to 10, Middle West and
facturers have reported the first
Northwest 5 to 9, South 3 to 7, and
due
five times as numerous as
group
Iron
Institute announced
this
low current, old crop
1947
for the week
increased
^
.
in the
regular during the week.
Final change in the volume of sales in
week in 1946 when quotations were somewhat lower most wholesale centers last week.
five failures were reported in this
Total
dollar
volume
remained
but
at least 80% of pig iron
trading
was
featured
by
trade.
No other industry or trade
moderately above that of the cor¬
no more than
10 to 15
marked
American
The
•
Corn declined sharply as
of
heavy
hedge
almost
days' inventory.
:
short-supply,
sult
in the
previous week; they were
About two
chant trade channels.
weeks ago
remained in
tissue,
the cially toilet
season.
The demand for building mate¬
the re¬
selling rials, plumbing supplies and hard¬
ware remained at a high level but
prompted by liberal offerings of
weeks.
cash corn from the country, and reports indicate thaL resistance to
This week large failures involv¬
publication of a Government re¬ high prices has retarded sales of
ing losses of $5,000 or more were
these items. The purchase of both
port showing farm reserves as of
over four
times as numerous as
new and used automobiles on the
April 1 at near record proportions.
small failures.
Totaling 57, con¬
installment plan increased notice¬
Activity in the flour market dur¬
cerns
failing in the large size
ing the week was featured by of¬ ably. Interest in name brand ap¬
group were up one from last week
house,, furnishings
ferings of new crop flour from pliances and
and exceeded by a wide margin
strong.
Requests for
the Southwest for July and later continued
the 18 reported in the same week
shipment at quotations approxi¬ sporting goods, lawn furniture and
a year ago.
Small failures num¬ mately $1 per hundredweight be¬ gardening supplies were numer¬
3)
of | in the previous year's comparable
(Continued from page
eliminate the sales price policy
equal or exceed those of
past
The State of Trade
Thursday, May 8,
(CHRONICLE
.THE COMMERCIAL & FINANCIAL
(2534)
,10
strength at times.
Busi¬
in
spot markets improved
ness
ended.
considerably
were
for
fact, there were six times as many
concerns failing in each of these
American
the
double
than
more
Atlantic and Pacific
55 of the 70
failures occurring this week.
In
The Middle
reported
and
week
responding week a year ago. Ini¬
tial reports from the numerous
wholesale
shows' in progress
sales
volume
throughout the country indicated
Prices
earlypart of the week by reports that
States accounted for
regions as in any of the other geo¬
graphic areas. The Pacific States
has 29 failures.
This more than
doubled the number reported for
previous.
in
strengthened
were
cotton
the
would
be
were maintain¬
cautious attitude, par¬
used ticularly in regard to long term
that
and
textile indus¬
Japanese
;
the
resulted
week
sion
of
lack
Department
>
store
sales on
a
country-wide basis, as taken from
the Federal Reserve Board's index
Weakness in the final ses¬
tries.
buyers
commitments.
exclusively in rebuilding the Ger¬
man
most
ing a very
from
of a
signs
market in raw
definite
food
goods production.
market prices for
were
mixed.
able
buyers'
materials for dur¬
In
the
the week
-
According to the Federal Re¬
serve
Board's index, department
store sales
in New York
City for
period to April 26,
1947, increased <10% above the
same period last year.
This com¬
pared with a decrease of 4% (re¬
vised
figure) in the preceding
week.
For the four weeks ended
the
weekly
April 26, 1947, sales rose 2% and
for
the year to date increased
10%.
of speculative
support and a
this region last week' and was slackening of mill fixations result¬
about four times that in the same
ing from reports of contraction of
week a year ago.
In the Middle textile sales activity. Soil prepa¬
Atlantic States failures totaled 26
ration and planning made good
against 17 a week ago and three progress in most parts of Texas
Since the adoption by Congress on March 21 of a resolution call- ;
in the prior year.
No other re¬ but were reported behind sched¬
gion reported more than four fail¬ ule in central and eastern parts ing for a proposed amendment to the United States Constitution
:
ures this week; one did not have
of the belt.
Registrations of cot¬ iting the Presidency to two elective terms of four years, or not more;
any failures.
The sharp increase ton under the Government export than 10 years, some, at least 13, states have ratified the proposed
from the 1946 level was concen¬
If the legislation is approved by three-fourths of the »
program continued in small vol¬ amendment.
trated almost entirely in the Mid¬
•
ume;
total sales for the season states, or 36 in all, which have seven years in which to
dle Atlantic and Pacific States.
limitation would go into the Fed-<»
:
through April
19 amounted to
Two Canadian failures were re¬
eral
Constitution' as
the
22nd in advices from its Washington.
1,264,208 bales.
Entries of cotton
bureau March 21 said:
ported as compared with four last into the 1946 loan stocks showed a Amendment. The President was
Although the amendment, as1
week and one in the correspond¬
sharp increase during the week not required to affix his signature
drawn, would limit the Presi-.
to
the
resolution,
which
was
ing week a year ago.
ended April 19,
dency generally to two elective!
Business in domestic wools re¬ adopted by the House on Feb. 6,
Decline in Wholesale Food Price
terms, it does not refer to Presi- >
and by the Senate with amend¬
Index
Moderate—Although still mained very quiet in the Boston
dent Truman.
In the future, a
ments (by a vote of 59 to 23) on
wool market last week.
Demand
trending downward, the drop in
man who had served two yearsi
March 12; the House accepted the
the Dun & Bradstreet wholesale for fine wool tops for immediate
or more
of another President's ■
Senate amendments on March 21
food price index was considerably delivery slowed down
consider¬
unexpired term would be elected <
by a standing vote^of 81 to 29.
moderated in the latest week The ably also.
Prices of wools in for¬
to only one term of his own.
■
Maine was the2ftrst State to
eign primary markets continued
*
firm.
A
scarcity
of desirable [ratify the proposed?amendment to
on,06i?^ week' t0 $6-02 new low wools made it difficult for buyers the Constitution lirhiting the Pres¬ Nonfarm Realty Foreclosure;
on
29.
This represents a
idential tenure
to two elective
to purchase any sizable weights of
In Fourth Quarter 1946
:
cf°lni at $5.40, and compares with the better types.
terms, the actiorr^by the Legisr
stood
Available data indicate that real»
lature of that Stafe in approving
*4.19 on the corresponding date a
Retail and Wholesale Trade—
estate prices, which rose substanthe amendment having been taken
year ago.
6
Retail volume rose slightly last
during
the
war
years,;
on March 31.
Other States whose tially
week with total volume moder¬
reached
their all-time peak in
commodities advanced dur¬
Legislatures have since approved
above * that of the corre¬
ing the week and fourteen de¬ ately
the * amendment
are
Michigan, 1946, said the Federal Home Loan'
Bank on April 1, which stated that
clined.
The former included beef, sponding week a year ago.
Al¬
Iowa,
Kansas, New Hampshire,
"this, coupled with the high level •
butter,
cocoa,
beans, hogs and though scattered price reductions
Illinois, Delaware, Oregon, New
on
certain items were reported,
lambs.
On the down side were
of the consumer income, served •
Jersey, California, Vermont, Wis¬
there was no noticeable change in
to reduce still further the number >
flour, wheat, corn, rye, oats, bar¬
consin and Ohio.
In Associated
the general price level, Dun &
of distress cases requiring foreley, hams, bellies, lard, coffee, cot¬
Press
advices from Chicago on
closure." For the year as a whole, >
tonseed oil, peas, eggs, potatoes, Bradstreet, Inc., states in its cur¬
Aoril 15 it was stated that the
foreclosures in non-farm proper-;
rent review of trade.
Clearance
Oklahoma Senate on April 14 vir-.
rajsn?s, currants, and steers. ,
ties were estimated at just over*
This index is intended to show sales and special promotions were
tually killed chances for action at
primarily the general trend in numerous in all sections of the this session by voting to postpone 12,000, representing a decline of;
17% from the already low level'
food costs at the wholesale level country.
Consumers continued to
consideration, indefinitely.
of the preceding year, according'
and represents the sum total of display considerable resistance to
The following is the text of the
to the Bank, which further re->
the price per pound of 31 foods in high prices and poor quality mer¬
proposed
constitutional amend¬ ported:
:
general use. As retail food prices chandise.
ment embodied in the resolution
"Foreclosure actions during the
Clearance
d?+u°t index, into the construction featured the sales continued to be adopted by Congress:
enter it should not be con¬
final
quarter of 1946 were ap-i
of the
Approval by Number of States of Proposed
Amendment Limiting Presidency to Two Termsj
lim-
ratify, the
.
•
SlSS d!cline,d four cents from
April
■—■
'
-
8' 1946> when it
•
Railroad
Loadings
Freight
Higher—Car loadings of revenue
freight for the week ended April
26, 1947, totaled 893,776 cars, the
Association of American Railroads
This
announced.
of 27,930
was
an
increase
3.2% above the
preceding week, and 233,512 cars,
cars,
or
35.4% above the corresponding
or
for
week
1946.
Compared
similar period
the
crease
of
shown.
with
of 1945, a de¬
0.7%, is
/
,
6,174
or
cars,
Paper and Paperboard Produc¬
,
tion
the
Lower—Paper production in
United
States
for -the
week
ended April 26, was 103.1% of
mill
against 105.9% (revised
figure) in the preceding week and
100.6% in the like 1946 week, ac¬
cording to the American Paper &
Pulp Association.
This does not
include mills producing newsprint
exclusively.
Paperboard output
for the same week, was 100%,
capacity,
compared with 102%
in the pre¬
ceding week and 95% in the cor¬
responding week a year ago.
Business Failures
Up—Rising in
the week ending May 1, commer¬
past week in most re¬
fused
with
used
or
as
a
cost-of-
living index.
price
in
the
ary,
Commodity
Off—The
Index
general
continued downward
past week to reach the low-
trend
since the end of Febru¬
est level
The daily wholesale commod¬
ity price index, Compiled by Dun
2^?T'„ r»ee\ 29, 'from 257.74 tO
dr°PPed a
April n"^
253.35
ing
on
Pn the ^respond¬
1946 date it stood at 188.91.
Grain
markets
last
week
were
cial and industrial failures totaled
irregular with most cereals trend¬
70, Dun & Bradstreet, Inc. reports.
The number of concerns failing
trading.
increased
a narrow
range
the close
buoyed by improved do¬
in
the
from
previous
three times
responding
when
Ever
the
only
since
as
week
heavy
week
23
66
as
of
failures
October
registered
and
were
in the
last
ing
lower in comparatively light
Wheat fluctuated within
with prices toward
cor¬
mestic demand for new crop
year
current heavy
occurred.
1946, failures
apparel
spring
Wholesale
Daily
Price
tail
flour
foreign demands for
ojd crop wheat and flour, and in¬
dications
that foreign require¬
among
duced
shops
with
women's
suits, coats and footwear
the items offered at re¬
prices.
The demand for
women's
summer
continued
suits and dresses
strong.
Interest
-
in
blouses, play clothes- and other
sportswear items increased mod¬
Men's lightweight suits
frequently requested, while
erately.
were
men's shirts,
hose' and other fur¬
nishings remained
in heavy de¬
consistently exceeded those
ments
during the new crop season
person
President
than once. But
shall not apply to any
more
this article
holding the office of Presi¬
when this article was pro¬
the
corresponding period in 1945. '.
This was the
person
dent
over
ber
a
of
first quarter in well
decade in which
foreclosures
the num-r!
was
greater,
and shall
than in the same period of the
who may
preceding year. However, the ex¬
be holding the office of President,
ceedingly low level of activity,
or acting as President, during the
coupled with the small magnitude
term within which this article be¬
of the increase over the fourth»
comes operative from holding the
estly in many localities.
The de¬
of 1945 (less than 100
mand for baked goods was at a office of President or acting as quarter
high level. Fresh fruits and veg¬ President during the remainder of cases), indicates that not too much
etables were plentiful.
The sup¬
significance should be attached to
such term." <
-,V<
posed by the Congress,
mand.
Retail
volume rose
slightly last week and continued
to be moderately above that of a
year ago.
The price of soap and
some canned goods declined mod¬
grocery
not
prevent any person
.
ply of meat, poultry and fish was
^
have
shall be elected to
proximately 30% more numerous'
the office of the President more
than during the preceding, three:
than twice, and no person who has
months period, which had marked:
held the office of President, or
a
new low point in this 21-year
acted as President for more than
The estimated October-.
two years of a term to which some series.
other person was elected President December
total of 3,392 cases,,
shall be elected to the office of the
however, was only 3% more than"No
adequate.
Paper products, espe¬
The New
York "Herald
_
Tribune"
the recent rise."
,
\
.»
Volume 165
Number 4592
THE COMMERCIAL & FINANCIAL CHRONICLE
April Civil Engineering Construction
Totals $454,471,000
I
Civil
States
engineering
totals
construction
$454,471,000 for April,
volume
in
■
'
National Fertilizer Association Wholesale
.
continental
average
Private construction for April on a
weekly average basis is 25%
below last month and 39% less than
April, 1946. Public construction
is 111% above last month and
28% above last April.
State and mu¬
nicipal construction is 77% above last
for
average
April, 1946.
month, and 41% above the
construction, up 324% from last
Federal
•
month, is 4%
above
April, 1946.
Total
'
■'
engineering construction for the four-month period of 1947
records a cumulative total of
$1,642,347,000, which is 8% above the
total for the
corresponding period a year ago. On a cumulative basis,
private construction in 1947 totals $1,008,198,000, a
gain of 0.6% over
1946, and public construction, $634,149,000, a gain of 23% over 1946.
State and municipal construction is
41% greater than the cumulative
total for the
corresponding period of 1946, whereas federal construction is 11% smaller.
Civil
engineering construction volume for April,
1947, and April, 1946, are:
March,
1947;
April, 1947
Total
U.
S.
Construction.
April, 1946
^4-IYppkc;)
C4 Wppksl
$400,415,000
286,049,000
114.366,000
98,819,000
15,547,000
$536,190,000
$454,471,000
213,667,000
240,804,000
Municipal.... " 174,821,000
;
Private Construction
:
Public Construction
r■/ State
March, 1947
C4 Wppk<?)
,
and
_
____*
______
Federal
.
65,983,000
___
V.
•
prices for linseed meal and book
higher prices for bran and
WHOLESALE COMMODITY
Foods
23.0
commercial paper
of
New
,3
$266,000,000 of
April 14.
The following are the totals for the last
two
$
Mar. 31_____
Feb.
1946—
266,000,000
28
Jan.
—
Feb.
Jan.
.
,
236,400,000
g
.
•
1
31
Nov.
30
Nov.
29
226,800.000
Oct.
31
Oct.
31
201,500,000
147,600,000
Sep. 28
Aug. 31
141,600,000
July 31
130,800,000
121,400,000
126,000,000
May
31
Apr.
30_
Sep.
227,600,000
.
30
.
Aug._31
July 31
*
June 28
May
30—
Apr.
30—
Jun.
148,700,000
171,500,000
Mar. 29
___
156.100,000
that
electric
the
amount
light and
of
110,200,000
106,800,000
29—9
week
The
last year when
current
figure also
compares
its current weekly report,
distributed
energy
with
week
ended
over
3,976,750.000 kwh. produced in the
es¬
by -the
4,011,670,000 kwh.
17.4% higher than the
was
week
enddd April
27, 1946.
The
reported by the Pacific Coast and Southern
States groups which showed increases of
18.7% and 18.3% respective¬
ly, over the same week in 1946.
largest increases
were
PERCENTAGE
INCREASE
CVER
SAME
Major Geographical
Middle
>
*
»'.
r
i"l
Week Ended—
Jan. )14
''
|
ii__
Jan, .11
T*.-_
Jan.
18
:
Jan.
25
u_
Feb.
1
L
Feb.
8_—-Il-IliI
Feb.
15
Feb.
22
Mar; i '1
LAST
Acting
would
save
and disaster." The
.20.2
21.7
23.1
24.7
17.4
16.9
15.1
session "for
17.7
and
up
Kilowatt-Hours)
leases
1945
4,573,807
1932
1929
3,805,362
+ 18.3
4.427,281
4,852,513
1,602,482
4,163,206
4,145,116
4,614,334
1,598,201
+ 17.2
4,034,365
+ 20.4
4,588,214
4,576,713
3,982,775
3,983,493
+ 19.9
4,538,552
1,736,721
1,717,315
1,728,208
1,726,161
3,948,620
+ 20.5
4,505,269
1,588,967
1,588,853
1,578,817
1,545,459
+ 21.0
4,777,740
4,797.099
4,472,298
3.922,796
1,512,158
+ 21.8
1,699,250
4,473,962
1,519,679
1,706.71?
1,718,304
used in
By
war
an
Goods to be
be
similar
to
oro-
those
this
method,
4,728,885
4,693,055
4,619,700
4,401,716
1,480,208
3,992,283
3,987,673
+ 18.5
4,329,478
1,465,076
+ 17.7
1,633,291
+ 15.1
4,321,794
4,332,400
1,696,543
3.976,750
1,480,738
1,469,810
the
4,014,652
4.867.997
+17.4
1,709,331
further said:
3,987,145
+ 16.9,
4,011,670
+ 15.7
4,640,371
I
3,910,760
17—
1,429,032
1,454,505
1,436.928
1,699,822
4,397,330
4,302,381
1,435,731
the
letter
kept in first-class working condi¬
tion, convertible on short notice
to
military or naval use.
The
United Press account, as given in
New
York
4,411,323-1
1,698,942
1,425,151
3,941,865
4,329,605
1,381,452
1,615,085
3,741,256
4,203,502
1,435,471
1,689,925
4,377,221
aid
business
who
men
much in need of counsel
of
are
as
are
they
credit, the Small Business
Bankers Association on April
24 launched an
expansion of its
national program devoted to the
Most
'
■
4.9
of
manufacture
.
the
4.6
and
in
one
research
in
"Experience in this war," Mr.
and
Mr.
Kenney
wrote
Representative
Martin,
"has indicated that much valu¬
able time—time which
ture
war
ence
in
fu¬
a
might spell the differ¬
between
success
and
dis¬
aster—was expended in the con¬
struction
and
conversion
of
plants for the production of
es¬
sential material.
The time thus
required
the
was
in
neighbor¬
hood of 18 months to two years."
The Navy's "stand-by" pro¬
gram is designed to enable it to
expand its peace-time force of
500,000 officers and men into a
force of 3,000,000 within a year.
said that without a leasing
plan it would cost about $5,000,-
It
000 to maintain its
control
667 plants it
over
43
of
either operated
contracted with at
the
plants
ordnance,
to
the
or
peak of
17 installations.
by both the Army and
Navy for large-scale conservation
of strategic and scarce machine
ing
were
the
to
also
outlined,
same
advices
accord¬
which
added:
Navy said it planned to
in each in¬
well-rounded library of
business reference material.
would
but
13
ABA
member
of the Army units would be en¬
community. It lists sources
information,
describes
pam¬
phlets and booklets useful to busi¬
ness men, and offers the serviced
of the ABA Small Business Credit
Commission in obtaining this ma¬
terial.
I
The
ABA
new
project, it is
stated, is another step in the
evolution of the program of the
Association begun three years ago
to assure ample credit to small
business.
gaged in chemical-warfare oper¬
other productive
items, includ¬
furnaces, dies, molds, fix¬
tures, patterns and templates.
steps
effort
included
the
among
looking toward the
of
use
of
Earlier
educational
an
loans,
the
of
some
greater
wider
newer
types
the
of
use
co¬
operative lending relationships be¬
tween
banks
local
their city
and
correspondents, and the organiza¬
of
a
nationwide
credit
trade
area
credit
groups
lending
banks
and
the
of
local
correspondents
gether.
system
reservoirs
of
or
supplement the
to
facilities
the
banks
local
and
working
to¬
The credit phases of this
ing
ing
tells
of each
program were
48,434 machine tocls, 8,729
which
of
stockpile about 35,000 machine
and production machines.
tain
banks
banks how to establish such busU
ness libraries fitted to the needs
tools
metal-forming tools and 719,233
The
booklet,
a
"Small Business Aids," mailed to all
city
The
establishing
a
project is explained in
tion
Plans
tools
through
stitution
banks
plants.
The Army, in addition to re¬
taining
The
themselves community
headquar-j
ters
for
business
information
The Army reported it would re¬
"Herald Tribune"
1,588,434
1,704,426
1,705,460
3,939,281
—
—
4.415.889
1,679,589
To
as
can
the war, said it planned to ex¬
pand its arsenal system from 15
time.
the Army would retain
control of 43 plants, the Navy 34.
The plan, it is stated, would as¬
sure
that
the plants would
be
1,683,265
24
of
stated,
1,514,553
4.660,320
Expands Small
Business Program
Credit Commission of the Ameri¬
COMMON STOCKS
Average
an
would
4,397,529
May
event
1,733,81(
+ 16.6
the
to five years.
duced
Change
in
indefinite period,"
would be for periods
+ 19.5
May
out¬
15.7
+ 18.5
May 31
as
emergency. Title to the property
would remain in government
pos¬
3,987,877
3
plan
12.2
8.9
4,017,310
10
time
ton
4.763,843
4,759,066
May
and
money
"which in
a
future war might
spell the difference between suc¬
1,702,57C
1,687,22?
—
of
authority, on April 29, for
a
vast
Army-Navy
war-plant
leasing program which they said
1,538,452
1.537,747
1'9
P. Pat¬
Secretary
20.0
5
200
Patterson
22.2
6.9
Apr.
OF
ations
18.0
*
of the
experimental fuels.
lined.
—
Apr. 12
back issues
5.1
sional
4.446,136
Apr.
May
own.
3.6
;
Navy W. John Kenney, in a
letter to House Speaker
Joseph
W. Martin,
Jr., sought Congres¬
4,472,110
5—
intelli¬
its
welfare of small enterprises.
the
cess
YEAR
and
+ 21.1
12—
all
on
Commission urged banks to make
Secretary of War Robert
terson
+ 19.9
26
foreign information
4.7
Preserve War Plants
3,952,539
Apr.
coordinate
to
information, while gleaning
ABA
'
4.9
Army-Navy Would
4,000,119
Apr.
is
gence
4.5
7.3
4,786.552
Apr.
tion
and
4.8
5.0
8
29
153.2;
3.4
April
15
Mar.
1947,
26,
4.4
6.8
Mar.
Mar. 22
145.7
196.7
April
152.4;
(200)
4.7
Mar.
—
105.8
200.4
of
Investigation and the Army',;
Navy and State Department intel¬
ligence services. Its primary func¬
119.8
126.3
3.3
6.8
16.3
4,801,179
4,778,179
133.7
4.2
4.6
25.2
4,856,890
4,856,404
4,777,207
134.5
125.5
4.7
February, 1947
March, 19471
cancellation
Over 1946
place in a field previously
dominated by the Federal Bureau,
proper
127.5
116.4
Yield
18.2
1946
154.5
128.0
127.5
the following
YIELD
.
15.5
1947
establishing what is to become its
117.9
167.8
156.9r
3.3
6.6
18.1
of
147.7
203.4
Authority. The group, a
dispatch to the New York "Times'*
stated, is still in the midst of
4.2
4.4
18.4
19
10.3
(Thousands
148.1
203.2
which
group
ligence
4.6
1947
19.0
%
166.5
intelligence
operates under the Central Intel¬
(10)
19.4
WEEKS
217.2
during
Insurance
10.8
RECENT
217.3
Nimitz
(15)
18.7
DATA"FOR
134.5
W.
war,
Banks
21.1
I
'Total United States—
130.8
162.4
Chester
was
Ad¬
(25)
6.4
18.0
A..
when
Utilities
16.9
18.3
Carl
15,
(25)
10.2
States
Gen.
June
Railroads
18.1
Apr.
9.5
1947,
1
10.8
Apr. 26
17.5
Rocky Mountain__j
Pacific Coast-*—
•
AVERAGE
19.1
Industrial—™
Central—,
Southern
WEIGHTED
8 3
Atlantic..
Central
West
WEEK
Week Ended
10.2
3,
see
17.3
May 3
England
162.0
170.2
157.8
195.6
according to UP Washing¬
advices, seeks the leasing of
"stand-by" war plants to private
operators, subject to immediate
Division—
New
242.9
169.8
127.5
May
under
effective
the
163.1
147.9
;
in prior years
MOODY'S
May 3, 1947,
the corresponding
4,667,997,000 kwh. produced
26, 1947, which
228.1
the
1941 yields (also annually from 1929), Jan.
11, 1942,
2218; 1942 yields, Jan. 14, 1943, page 202; 1943 yields, March
16,
1944, page 1130; 1944 yields, Feb. 1, 1945, page
558; 1945 yields, Jan.
17. 1946,
page 299; 1946 yields, Jan. 9,
1947, page 193.
100,800,000
102,800,000
118,600,000
electric output amounted to
in the week ended April
173.9
Revised.
r
146,700,000
industry for the
power
246.2
combined.
(125)
electrical
249.9
miral
page
111,100.000
4,640 371,000 kwh., an increase of 15.7%
was
'
Staff
Admiral Hillenkoetter, who
intelligence officer to Fleet
"Chronicle";
127,100.000
•_
Mar. 30
Edison Electric Institute, in
Air
Moody's Common Stock Yields
158,900.000
Eleclric Oitlpil for Week Ended
May 3,1947,
15.7% Ahead of That for Sane Week Last Year
timates
113.5.
For yields
January,
The
eral
Vandenberg is to become
Deputy Commander and Chief of
175.0
156.9
were:
to
260.4
125.5
base
ago
$
31
Dec.
1946,
178,200,000
173,700,000
.
1945
Dec.
i
groups
1926-28
year
and recently returned
duties in Paris, will direct
134.5
on
a
years:
31
1945
335.1
Machinery
All
^Indexes
May 4,
28
242,700,000
31_
100.0
Chief
Returning to the AAF
the request of Gen. Dwight D.
Eisenhower, Chief of Staff, Gen¬
open
on
1947—
250.8
336.1
Fertilizers
Farm
(Tactical)
from
203.2
u
and Drugs
Materials
Fertilizer
.3
market paper outstanding on March
31, 1947, compared with $243,700000, on Feb. 28, 1947, and $171,500,000 on March
29, 1946, the bank
announced
433.1
242.5
.
.3
York
433.1
215.0
Textiles
Metals
Building Materials
Ninth
at
147.4
158.1
Fuels
Miscellaneous Commodities
8.2
Gen¬
Commanding
was
the
head CIG.
144.6
320.7
227.7
17.3
221.9'
302.0
_
218.5
286.8
243.9
Chemicals
of
telligence
1946
335.4
Oil
Products
10.8
1.3
Vandenberg
during the war, and was
called by President Truman from
his post as War
Department In¬
May 4,
1947
240.3
i.
Livestock
period
1947
169.8
Farm
General
Air Force
Ago
241.1
Oils
Grains
Commercial Paper Outstanding on March 31
the Federal Reserve Bank
dealers show a total of
eral
General
Year
Ago
Apr. 5,
215.9
and
release
Ira C. Eaker retires.
Meantime he is to work* with the
Apr. 26,
1947
Cottonseed
will
the Army Air Forces.
Lieut.-Gen.
Week
May 3,
Cotton
by
with
air staff.
Total Index
Fats
this
Vandenberg for important duties
INDEX
Preceding Month
Week
6.1
received
that
result that the index
Latest
Group
7.1
Reports
succeeding
Hoyt S. Vandenberg.
change is to be effective at
once, according to Associated Press
Washington advices, which added
The
1935-1939=100*
25.3
Intelligence,
Lieut.-Gen.
Compiled by The National Fertilizer Association
Each Group
greater than the $439,959,000 reported for the
corresponding
of 1946.
tral
more
PRICE
announcement
that President
stated
appointed Rear Ad^
Roscoe H. Hillenkoetter to
Spaatz,
WEEKLY
House
1
had
be Director of United States Cen¬
slightly.
Bears to the
White
May
miral
group, the lower
than offset by
were
Vandenberg
Truman
During the week 30 price series in the index declined and
15
advanced; in the preceding week 35 declined and 11
advanced; in the
second preceding week 33
declined and 15 advanced.
basis, new capital for construction purposes
amounts to $518,164,000 for the first four
months of 1947, or 18%
from
paper
middlings, with the
advanced
cumulative
a
on
corn, most grains, and
eggs, and the index for the farm
products group fell.
The textiles
index declined 1.1% from the
level of the previous week.
Lower
prices for steel scrap and silver bars were
responsible for the fall in
the metals index.
In the miscellaneous
commodities
63,355,000
capital for construction purposes for the four weeks of
April, 1947, totals $282,140,000, or a weekly average of
$70,535,000,
286% above the March, 1947,
average, and 241% above the average
for April, 1946.
A
compiled by The
cotton,
187,630,000
124,275,000
New
On
The weekly wholesale
commodity price index
11
Returns to AAF
National Fertilizer Association and
made public on May 5 declined
to 195.6 for the week ended
May 3, 1947 from 196.7 in the preceding
week.
This is the fifth consecutive week in
which the index has
registered a decline and it is now lower than at
any time during
March or April of this
year.
A month ago the index stood at 200.4
and a year ago at
145.7, all based on the 1935-1939 average as 100.
The Association's report
continued as follows:
During the week four ot the composite
groups in the index de¬
clined while one
advanced; the other six remained at the level of the
preceding week.
Prices for
butter, flour, cocoa, and most meats
advanced, but the declines for cheese,
potatoes, ham, lard, and most
fats and oils caused the foods
index to fall 1.2% from the level of the
preceding week.
The price rises for
wheat, lambs, and some hogs
were more than offset
by declines for
348,560,000
New Capital
Gen.
Commodity Price Index Dips Slightly
United
of
$113,618,000 for
This average is 13% above the
average for March, but 15% below the
average for April, 1946, according to "Engineering News-Record." The
report, issued on May 21,
went on to say in part:
•
an
each of the four weeks of the month.
(2535)
supplemented dur¬
the past year by a series of
three regional conferences and
credit
clinics
at
which
17
bankers
discussed small business problems
at the local level.
12
Hotel Sales in December
Daily Average Crude Oil Production for Week
Ended April 26,1947 Increased 17,800 Barrels
April 26, 1947 was
crude oil production for the week ended
Of all the coast-to-coast cities and sections repre¬
showed improvement in house profit, while one
registered no change. The largest decreases were 29% for the Pacific
Coast, 14% for Detroit and 11% for Texas. New York City recorded
a drop of 5% although total sales were up 11%.
sented, only two
figure of 4,850,000 barrels estimated by
shown in the table below,
1% in total sales. This
is 3 points less than the improvement realized in the preceding month.
Total room sales in December slumped 4% from December, 1945,
with all groups showing decreases except New York City, where the
increase was only 2%, the smallest since February, 1945.
"The nationwide occupancy at 84% is a decline of 6 points from
November and 4 points from the previous December; the 1% increase
Daily output for the four weeeks ended April 26, 1947
'
'
The Institute's statement adds:
averaged 4,911,650 barrels.
•
.
in¬
Reports received from refining companies indicate that the
dustry
as
whole
a
approxi¬
to stills on a Bureau of Mines basis
ran
daily and produced 14,213,000
mately 4,725,000 barrels of crude oil
of
distillate fuel, and 8,186,000 barrels of residual fuel oil during the
week ended April 26, 1947; and had in storage at the end of that
week 103,860,000 barrels of finished and unfnished gasoline; 9,724,000
gasoline; 2,123,000 barrels of kerosine; 5,435,000 barrels
barrels of
in
DAILY
AVERAGE
CRUDE
PRODUCTION
Allow¬
Calculated
ables
Requirements
Begin.
April
♦♦New
York-Penna__
Virginia
8,000
6,400
5,400
250
2,500
—
100
18,250
1,650
700
185,300
25,700
750
Kansas
275,000
Oklahoma
380,000
2,750
276,500
257,350
9,550
380,350
(281,200
+
378,125
(386,450
+
367,150
'District
I
District II
158,000
r
158,000
District
480,600
III
District IV
38,050
East Texas
Other
Philadelphia
VI
All
'
—a--.-.
'
"
IX
136,200
84,850
-—L
2,166,150
-—; 2,162,250
2,054,600
—
1%
October
Arkansas
410,000
79,000
410,300
286,800
409,100
82,693
650
+
372,950
1,500
86,400
50
750
July
500
102,600
112,000
~~50
450
106,000
116,500
1,500
113,650
23,150
1,250
22,300
20,050
37,100
27,700
908,300
~800
909,200
858,500
4,929,900
+ 17,800
4,911,650
(included,above62,400
*200
62,100
; 69,300
860,000
Total United States!
§843,200
^
4,850,000
showing
products
„+.
•
produced..
is
the
and
which
+
week ended 7:00 a.m. April
"
"■
Conservation
of
Committee
?
GASOLINE,
,
'
r-'j.
'
'■
:
'
"•
'7
1
Appalachian—
99.5
-
District
NO.
Inc. Nat.
Blended
Stocks
89:7
753
2,000
~
1
87.4
■Id.3
'
'
223"!
59.8
!88:7
;
392
2,500
1 l'l,335
;-r,996
,80.3.
,2,873
jB'9.2
984
97,4
375.
116.8
te, Arkansas..
55.9
64
•''*50.8
.
'84.6
Mexico.-—, 1Q.C
.0
70.: r
Chltfirnia
•74.5
*
83.6
R-i-f
-
859' u&6.4
f
U
of
April 27,
35S-
■
.
:
85.0
Ulifc
+
6
..
rent per occupied
...
.
,,
withdraw the veto,
1,876
2,557
1,113
902
303
:.i "714
A*
'tons)
1945-46
368,809
251,249
189,580
227,859
32,153
33.946
48,213
45,526
45,161
13,400
3,429
1,025
regarding the veto, which was
'
30& :
1,808
i' i]
.
78
!
'
370*
-
!
(
'
>
1
16 <
•
•};' 37
would sign a
104,104
57,115
were
101,144
41,268
27,864
which
271,103
24,827,
311,074
309,309
'
126,915
127,065
287,174
243,370
69,736
114,385
99
679
113,308
537.840
Y 328,860
469,128
38,949
86,118
155,721
154,002
148,521
18,549
22,330
95,343
92,151
*91,377
5,371
5,093
Mr^ Truman read a
from the Attorney
#4,422
7,734
61,215
35,972
__12
617,150
573,064
661,712
38,448
39,637
that
554,258
93,617
69,732
14,374
novel,"
16,261
57,581
,•
1
16,651 f
'
885
992
destroyed
tons
•
.'
<
•
Produced
824,301
55,121
889,321
*263,154-
8730,014
785,926
(running
Hull fiber
{
1946-47
1945-47
)
1946-47
-
-
25,925
1
1945r46
bale's) _]
'
1;180,451
1,279,313
1,085,261
624,261
597,876
694,535
61,697
.
.
718,205
783,823
ftl05i587
'
503
*
.
2,451
70,333
13.852
-34,035
36,673;
i'r>'w
22,680
•
f
,
14,213 *'103,860,-.
9,724;
32,286
V. 42,668
"'Includes 10,389,000 pounds it oil
V-
13,965
105,592'
9,308
10,933
31,512
42,749
31,470
199,320
.
tlncludes
39,285
,
rf
939
u<7
! O'
'
n'l
,
j
refining and manu¬
transit.
pounds at oil mills, 38,856,000 pounds at refining
and 10,438,000 pounds in transit.
.
;<!*
•
,
,-t1
.
-
-l
pounds
at
refilling
behalf
language; to'
and manu¬
manufacturing establishments and
' • ' "
the
w.l\irc(i' He). p,p!dj
Attorney GeneraLnow,
t^jjjk.c$?
ceptiormhad been, so phrase^
necessity!
.f'
by Senator
(D.,
N.
"Times"
^^a^re;e;prc(i*
(iarl A. HatfcA
advices
Mex.),
of
ai
yhymu:' y
Thb ' redrafted
posed
and
explained
that 'the' fibst bill! eontairiiiig
to
the
continued, merely adds, a
provision that .nothing, jn the bilj
cfuhe •
' 'i
shall be, deemed to authorize the
tlncludes 188,140,000 pcunds at refinjingi and- lh^ufactiningiiqstaililieHindiitsYfthd
Committee, counsel to take court
3,186)000 pound? held elsewhere ,and in, transit.. .Y
. •
r,^.Jnj4>
'•"i
'"'"fhdludes' '257,487 bales firsf'cutV "4S(S,942 '!bafes= second ciflT anff 103^35" bales hctipp, on,, behalf of.: the
United
mill ruiY
«.'«•
-u Y'^bsyhs (10 bOOftBVbh
r
^roduced'-frohr'7^4,587,000
.
tvansit;
"pounds of.;
?-
4
1
245,794.000
.
6,483
mills, 10,682,009 pounds at
17,360,000 pounds held elsewhere and ir.
stocks
gasoline
22,794,000
establishments
tlncludes
j
'
i3;035
32,635
cpunseltb initiate
criminal ^pcqeding.
of the, Unitedfstatys.Tr^x
or
IyPresident.; Truman
.
1,142
,16,174
»
1,730
etc.) 1946-47
(500-lb. bale's)— -j'" 1945-46
828,123
15,738
14,671
879,830
;•
323
1945-46
Motes, grabbots,
'
-"
-v
38,027
^"860.361
!
35,054
13,576
>':'
,.
of - references
the Committee
56)120
52,310
we
!memorandum
inclusion
civil,
126,818
1,275,451
1'
'-
'52,258
,
1946-47
)
-
.31,628
.
*■
.)
'
275,625
1846-47
1945-46
(50Q-lb. bales)
25,752
10,285
)
advices
continued,
to
three sections of-Federal Btatutes "might be internreted -as
an
effort to grant- authority", to
91,943
11191,326
405,376
1945t46,
Washington
eral's
t72,083
903,571
.
in error.
quote:
the
Mar. 31
836,706
"23,333,
\ 1946-47
| 1946-47
pounds)] 1945-46
...
1-Mar. 31
of
type
was
However, the Attorney Gen¬
'I
Stocks
Shipped
Aug. 1-Mar. 31 Aug.
Aug. 1
v
'(tons)
■>
48!
alfeo
1
beginning
Season
"this
"'Times"
during
effect
legislation is
From the
veto message to the
of the
»
Linters
i—-
;
and
General ex¬
plaining the objections in which
it was conceded that the language
169,759
77,614
based.
memorandum
which, he said the veto was
231,181
.
similar measure if it
objectionable, and on
Clark found
34,518
'
the
has sent to
He said he
passed without the features
Attorney General Tom C.
187,417
Hulls
659
484
80th1 Congress.
the
278,850
(tons)
110
632
57
2,996
"2;356:
*
veto message he
first
172,981
(thousand
■*•
dispatch from Washington to the
New York "Times" stated that tl^e
President declined to give ground
252,963
Cake and meal
4.991
1,627
following day (April 24) - a
The
Mar. 31
,
tarian, pointed out, once a veto is
read in the Senate, it is a veto, y
Stocks at mills;'';
V,
this turned out
impossible
because,
a?
Charles
L. 'Watkins,
parliamen¬
.
1946-47
399,066
copied
be
to
(TONS)
1
objected had been
literally from a similar measure
pertaining to the Pearl Harbor Irii
vestigating
Committee;; Counsel*
signed by the President in Decern*
ber, 1945. Although an effort was
made to have the White House
March 31
AND ON HAND
'
211
14,037
84.7
4,675
1946'.- '
dent had
87
-
189,814
(thousand pounds))
101
82
,
J
4
89
328,552
Crude oil
ga?;plinp. stacks of 8,5^5,000 barrel^
'A
4
+
VL_
100
facturing
1946_
April 27;
4
+
92
facturing establishments and 2,262,900 pounds in
4,709
85.8
"Includes .unfinished
ended
+
93
96
Aug. 1-Mar. 31
'1
.243
of F,784,000 barrels,
tlncludes unfinished
iStocks at refineries; at bulk terminals,' in transit
r rid
in pipe, Tines.. ' 5In additionc, there were 2,123,000 barrels of kerosine, ,5,435,000
barrels of gas oil and distillate ' fuel oil and 8,186,000- barrels of residual "fuel oil
produced during the week.ended April'26, 1947, as compared with -2,007,000 barrels,
5,?63,00Q. barrels-. ,and
7,961,*000"- barrels, respectively, in the preceding week and
1,943,00p barrels, 5,690,000 barrels: and 9,040,000- ibarrels, respectively,. In the week
}
95
94
167,356
Products—
basis
M.
90
2,676,544
.
withholding
95
• ♦
(tons)
1945-46-,- 1946-47
321,863
that I am
1
+
and 1946.
r-
reason
my
issued the following
of Season
6,257
9,676
5,134
:
con¬
1
—
+18
Stocks
•613
:
177
am
the inten^
the Congress and it is for
3
3
't'f-t "
(bttfh April 19, ,1947
B.
tion of
1%
+
93,993
S.—B. of M
baSlS
ba£iS April.26, K0 Yj85.S ^ <4,725
ro'ifii.U. s.—fe. of m
'
'fe.
-
12
+
at
1,3.05
_j
t
U.
8
Oil
14,121
HiTotal. U-
18
Fuel
Oil
'*5,677
,
'4,040
'■'II
Rocky..Mountain
:
"I
Truman added:
Mr.
approval of the legislation."; ,
It turned out subsequently that
the passages to which the PresU
+
3,050,452
Carolina
.
of
1,214
1
United
the
of
fident that this was not
1946-47 and 1945-46, respectively.'
Do^s .not include 117,806 and 219,340 tons.on hand. Aug. 1, 1946 and 1945, respcctivtlyi
nor
64,873 and 44,394 tons reshipped during the seasons 1946-47 and 1945-46.
^ .
i
/ 1 1,'ii'v /
J - n
<
t
,'/r
j - i-'i, ( 1,. j", , "
. ' ■ *k l*l>* '■ J ■'
COTTONSEED PRODUCTS—PRODUCED, SHIPPED AND STOCKS
''*317
.4,343
:
behalf
94
88%
355,560
Refined oil
10,319
'87i.6. ■
Loitibfena GUlf Cdast;
Other'ftocky Ml.Jl.
+
+11
8
405,178
"Includes
^Stks.
Fuel
40
counsel to
criminal proceed¬
5
—
4
Resid.
169
■
21,865
83.6'
Texas.G.ylf -Coast,—,
New
1,130
lli.,3
772
Okia^h'Kans., Mb.u7__
La.
2,650
,.
or
5
—
20
—
58,561
essee
Tennessee
& Dist.
4,589
granting author¬
as
the Committee
on
this
69,495
orth
'
In'dt; ill!', 'Ky'.L-----Inlanid jTexas
No.
305
Gas, Oil
.sine
.
22,222
215
100.^.69.9,.
76.3 ,
84.7'7 ' 69
2—__Y
1%
4%
257,261
.t
-
+
.+
rH
217,102
3
Texas.
(Stks. of
Kero-
Gasoline
erated
.
District No. 1—^—4
:
2,957,904
All other States
of
Unfin.
% Op¬
Daily
Capac.
1..'!
at Ref.
to Stills
Report'g Av.
Coast'
East
2
+
1945-46
2,899,991
Oklahoma
'
,§Gasoline (Fipisl}£d
fe
PrOdUct'ri ' and
(Stocks
Crude Runs1
Dully
Refin'g
'
District—
ings
•
^
ic
15
19
+
(tons)
sissippi
*
'f*
+
+
1946-47
Lhuh
APRIL 26, 1847
.0
interpreted
3
167,157
* Figures in this section include reported totals plus an
• estimate
of*unreported amounts and are therefore on a
Bureau of Mines1 basis-f
.
i''tJ
iy.'J
;•
.
;
8
Aug. 1-Mar. 31"
'
i
STOCKS OF FINISHE!
AND DISTILLATE
thousands of barrels of 42 gallons each)
'
1
•
V
be
84%
7%
—
11
*
? i:"
'u>
Oil Producers.
California
of
OF GASOLINE;
KEROSINE, GAS OIL
PRODUCTION
STILLS;
(Figures in
b
.-v.
initiate civil
—
88%
93%
l29«**'ed at mills, " "•Crushed,
Arkansas
as of April 1 calculated
for the entire month.
entirely and for certain
to 12 days, the entire State
FUEL, AND RESIDUAL FUEL OIL, WEEK ENDED.
|
i
84%
7%
+
12%
RECEIVED, CRUSHED
COTTONSEED
Arizona—
exempted
UNFINISHED
AND
7.
ity to
4
SIX MONTHS
+
11, the Bureau of Gensus
South Carolina.
TO
RUNS
7%
—
+12
9
Alabama
exemptions
were
IRecommendation
CRUDE
12%
4-
+
allowable
basic
net
shutdowns
fields
85
+
—
United States
on a 30-day baSis an
With the exception, of
other fields for wh
shutdowns were ordered for from 4
was ordered shut down^
for 4 days,
no definite
dates during the month being specified; operators only being
required to shut down as best1 suits their operating schedules or labor needed to
operate leases, a total equivalent to 4 days shutdown time during the calendar month.
(This
~v
several
81
4
States."
+ 20 %
,
5 "e
+
+ ■5-
-t i-ln
"*
•
tOklahoma, Kansas,, Nebraska figures are for
includes
4
__
1 *
+
8
'State—
♦These ar,e J3qr£^, of.,Mines, calculations of the requirements of domestic crude oil
upon
certain preinises" outlined in its detailed forecasts!; ^They " include the
condensate that is moved in crude pipelines.
The A. P. I. figures Are crude oil only.
Asu requirements may be supplied
either from stocks or from new production, con¬
templated withdrawals from crude oil inventories must be deducted, as pointed out bj
the Bureau, from its estimated requirements to determine the amount of new crude
.
be
90
4
4
£
•
based
to
,
eight months ended March 31, 1947
i
♦♦Pennsylvania Grade
85
3
—
statement
cottonseed received, crushed and on hand, and cottonseed
manufactured, shipped out, on hand and exported for the
4,672,050
38,200
38,000
;
5
Cottonseed Receipts to
113,350
California
93
to
not
On April
24.000
Colorado
87
84
+
93
83
"rates" wherever used refers to'the average daily
scheduled rates.
"Rooms and restaurant only.
term
and
95,300
500
450.
73,500
"
Montana
15
+
7f
15;',i
+
4%
8
+ 10
—
room
—
+
+
1,100
102,750
102,000
New, Mexico-—Other—J
Wyoming
+
TOTALS FOR LAST
+
55,200
'350
•
New Mexico—So. East)
+
88
1
—
+ 11
<
2
1
77,200
86,900
2.100
/,
„
Alabama
73,600
84,000
; ___•*.!.
Mississippi..,
6%
+-
;
August
86,150
313,250
313,450
447,000
5
+
1%
+
1946_
'Y
tThe
Total Louisiana
+
'
95,850
650
+
4 '/c
MONTHLY
December,
.in
96,850
8
—
11'A
+
September
*,
+
—
•
November
Louisiana.
3
4
135,550
84,850
Coastal
+ 10
6
the de¬
it "might
clared intent. He said that
4*
_
4C-'4,650
District
North Louisiana—.
20
—
90
appeared
the resolution
of
to be much broader than
1
_
—38
9
+
13
83
+
•+
6
+
•
—17
—
+
Year to Date__
36,150
36,300
485.950
Total- Texas_____ Y '2,120.000 (2,186,125
■
-
VIII
v
1
3
—
■
4%
+
89
+
21
+
2
4
86
+
16
+
92%
90'Y
guage
Decrease
:t
36,950
.District
District X
+
8
1
•+
Others
12
12
—13
+
.
+
7
—
—16
Coast
_
Total
111,450
•
37,000
"f
Pacific
—
1945
2%
+
11 (!c
+
-V
5
—
6
"
+
V/o
+
reason
or
Dec.,
1946
Beverages
Food
38,05a
■
District1 VII-C
2
+
—
332,650
111,509
; District VII-B
+
2%
—
Texas
—W
335,000
Dist.
.
4
3
481,300
v.
241,950
:
V
•
+
+
241,950
——A
'
•District
•'
+
Detroit
20,700
20,750
'
-
5%
+
City
Chicago
Texas—
U
York
New
Cleveland
275.000
Dec.,
Total
Restaurant
Rooms
♦Total
gav$ , as Jiis
for the veto that the lan¬
April 23,
Congress,
Increase
Occupancy
44,800
600
Rate
to
President, in a message
The
fRoom
30,700
42,300
+
—
other
having
employees
April 23.
COMPARED WITH DECEMBER, 1345
1946,
DECEMBER,
209,500
800
1,900
(600
__
.
19,300
+
40,250
Senate
employment.
By this provision,
according to a statement by Sena¬
tor Brewster (R., Me.), Commit¬
tee Chairman; who sponsored the
bill, employment would have been
possible of former Senator Burton
K. Wlieeler (D., Mont.) as special
counsel
an
in
investigation of
Arabian oil.
Mr. Wheeler, who
has a law office in Washington, is
2,700
25,450
47,000
measure as
the special
7,850
100
186,200
29,000
:
Nebraska
50
7,E-'00
—
18,050
210,000
Illinois
Kentucky
Michigan
."450
—
6,300
18.000
50
750
—
2,350
Indiana
50,050
47,900
—
7,450
8,000
1946
.
1,050
+
550
♦♦Ohio—Southeast—)
Ohio—Other
.__]
1947
Week
48,650
Apr.. 27,
"-.Apr, 26,
Previous
1947
Apr. 1
49,200
Ended
Ended
from
Ended
Apr. 26,
Florida
♦'West
.
Week
4 Weeks
Change
originally proposed
counsel would be ex-r
empt from statutes which forbid
th'e
restaurant sales in De¬
beverage volume off 7%*
the important group, All
Others, participated in the beverage sales decrease.
;•
• ^
"For the whole year of .1946, total sales were up 11% over those
of 1945, room sales showing an increase of 6% and restaurant sales,
15%—food, 20%, beverages, 7%.
7.
"The 1946 occupancy of 93% stands as the highest on record but
is due entirely to the high occupancies in the first part of the year.
unwilling to give up all other in¬
"The increase in average room rate over that of 1945 is 4%, but terests in order to help the Senate
Associated
Press
the average increase in the last two months of the year was only 2%." Committee,
Washington
advices
stated on
The following table was also included in the report:
BARRELS)
IN
(FIGURES
Week
signing, a special dispatch from
Washington
to the
New York
"Times" stated on April 26. Under
to
improved through food only, with
Philadelphia, the Pacific Coast, Texas and
Actual Pi
Production
State
•B. of M
Committee, the Committee agreed
to a redrafting of the measure to
include a provision expected to
remove
the President's objection
month, total
the fifth consecutive
"For
"
OIL
War-Investigating
for the Senate
cember
barrels of ^erosine; 32,286,000 barrels of distillate fuel, and 42,668,000
barrels of residual fuel oil.:
legislation vetoed by Presi¬
dent Truman, which was designed
to give special powers to counsel
1941.
rate is the smallest since June,
room
attempting to over¬
Rather than
ride
increase of only
December had a countrywide
Counsel;?
'
Measure Redrafted
regard to the sales trend, as
"With
thejjlJnited States Bureau of Mines as the requirement for the month
of/April, 1947.
Horwath & Horwath, New York
4% in total sales.
the pre¬
ceding week and a gain ef 256,850 barrels per day over the corre¬
sponding week of 1946.« The current figure was also 79,900 barrels
4,929,900 barrels, an increase of 17,800 barrels per day over
iri excess of the daily average
Vetoed
: "^
public accountants, in their. Feb¬
ruary "Hotel
Accountant," announced that "the November, v 1946,
house profits of the hotels contributing to these trend of business
figures fell off 6% from those of November, 1945, despite a gain of
'*
The American Petroleum Institute estimates that the daily aver¬
age gross
^Thursday) May 8," 1947
CHRONICLE
COMMERCIAL & FINANCIAL
THE
(2536)
t;(Includes -^78,897) bale?
first-.ctit,,-18,1^2 bales
jci^inMu Fuh*"
tates,
>(i
•
y* "
" i
.
M
'
A
|-a*U'V4» 4„
.Volume 165 ANumber -.4592
littip •J*
.4
THE COMMERCIAL & FINANCIAL
CHRONICLE
i-
-
*•'•
In late
Weekly Goal and Coke Production
:
'M*'
^pril the group indexflfor1 foods;was j5.7% below'four
weeks'eaFlier*but still 45,3% above late
April 1946.
.
v
^rotiuctioiTi of soft Coal;in the week ended April 26,1947,
>'•
\
*>
v
of
21.3%
r;Vt
the
over
period of last
164,781,000
year.
tons
V-
-
,
produced
in
j
:\\+
; Output of Pennsylvania anthracite for the week ended April 26,
•"
.
"Revised.
in
Apr. 27,
tApr. 26,
*1946
!. 137,000-
prices of linseed oil.
1
<
'
f
CHANGES
■
•>'
IN
•
WHOLESALE
FOR WEEK
OP
ANTHRACITE
Commodity Groups—
4-26
coll.
•.Total incl.
tCommercial
1
v
-
1,071,000
1947
1,113,000
1;070,000
1,004,000
States
Apr. 26, '
1946
1,044,000
•Includes
Apr. 27,
•
produc.' 1,030,000
C/Ofec"*"* *k'
"PtppTi'fVP
^United
fuel
1947
•
total
121,000'.'!
134,800
washery
and
dredge
coal
2,000*
and
1,938,300
1,212,700 "
Metals
.-.BY STATES,
;
IN
NET
and
are
and State
of
or
•
'.
final annual returns
V
Apr. 19,
:, 1947;
358,000
V
Apr. 12,
1947
"1
:
.'
rV' Arkansas
tiV,; 17,000 ->;•
_
Colorado
:
Georgia and North Carolina—
96,000
,
.
'iv
j
6 527,000
.
CL
Iowar_c—
38,000
.
.f
.%
.
"
v.
.
CiJ
.
«.,>•;
;
V
•
.
a
f
..
.
;
*.'+>/"•—,
0.3
1.3
+ 42.9
139.6
138.7
105.5
0.7
0.6
104.0
103.5
86.6
0.2
0.4
46;ooo
Other,
Cotton
h
North and South
Ohio
Dakota
21,000
'
70,000
Tennessee
624,000
"
'
27,000
3,118,000
*
.
.
"
3,000
<
—
-"3,000
;
366,000
20,000
—
;
*Total bituminous
1,248,000
150,000
"V.
V
'
•
•
)
;
•.
,
3,000
*
•
•
14,000
>
...
1,275,000
.
140.3
140.3
109.0
0.1
0.4
+ 29.2
177.9
177.0
126.0
0.2
0.6
+ 41.3
134.5
132.8
96.1
1.5
1.7
+ 35.8
128.6
128.1
126.7
126.6
108.7
0.4
1.6
+ 18.3
115.6
114.3
114.9
95.5
0.3
0.3
+ 20.6
821,364
during
the
first
three
months of 1947, as
compared with
380
construction
loans
160.3
163.4
165.5
123.0
+ 31.1
146.0
months
146.2
145.1
101.2
Mixed
141.1
142.1
:
141.0
132.1
131.9
103.1
CHANGES
IN
7,115,000
Labor
Foods—Average market prices of farm prod¬
1.3%
cations that the supply of old crop cotton was less than
previous esti¬
mates jand, on an unfavorable outlook for the new
crop.
Low stocks
heavy demand resulted in generally higher prices for
supplies, pew
advanced
on
crop
better
potatoes were sharply
quality and quotations
ifor; lemons
partially recovered the decline of the previous week.
supplies lowered prices for granges and onions, while
sweet potatoes moved down on lower quality
offerings.
General
i
withdrawal of the government from the
cash
grain market lowered
quotations for major grains. Prices for hogs dropped with increased
Supplies of heavier weight animals, and lamb quotations were down.
Increased
purchasing by eastern order buyers raised quotations for
steers,, ^nd ljve poultry advanced on light supplies.
On the average
prjees for farm products were 3.4% below late March and 31.1%
above the corresponding week of 1946.
"The decline of 1.2% in the group index for foods
was
the result
of lower prices for most types of foods except fresh fruits and
vege¬
tables.
Liberal supplies were reflected in further price declines for
butter
and
cheese. ''Flour
(commercial buying.
rices
dropped with
virtual
Cured pork prices ,continued
declines, while fresh beef and mutton advanced
and
moderate
supplies.
on
cessation
of
the post-Easter
steady demand
Edible oils and: fats continued to
—
1.5
+ 34.3
0.7
—
0.3
+
0.1
'
"
'
1
0.4
—-
2.3
6.1
4.G
*.
Civil
Grains
1.0
iCereal
products
3.6
!
——
Leather
2.7
jlron and
2.0
Fertilizer
Livestock
!_
1.5
Meats
1.1
Other
0.7
0.3
—
.steel
.'—it.
materials
and
0.2
.
—
0.1
ations
1947
drop in
in
volume
in
"GI
last
$3,933,804;'*
modernization
January, Feb¬
York
home
State
in
and
•
loans
39.6%
in
made
by
sav¬
of
the
repre¬
of their total
lend¬
ing volume.
"Savings for the first quarter of
1947
in
show
continental
United
year, and
570,
The
than
first
year.
State and municipal construction,
$33,108,000, 6% below
week, is 18% above the 1946 week. Federal
construction, $14,648,000, is 38% above last week, and 29% above the week last
year.
20%
the
of
or
$31,256,$5,500,000
increase
shown
quarter of 1946.
"Total assets for all
associations
in the State reached
$886,515,103
at
last
the
state-wide
increase
is
for
report, issued
$54,724,000, is 29% greater than
associations
net
a
which
greater
10%
week,, but 21% below the week last year.
Public construction,
$47,756,000, is 4% above last week, and 21% greater than the week
March
31,
1947,
increase of
an
2% for the month and
of 3.2%
increase
an
$27,650,514 for the first
or
quarter of the year."
last
Total
records
a
engineering construction for the
cumulative
18-week
period
of
1947
Uphold Tennessee Law
total of
$1,744,827,000, which is 7% above the
total for a like period of 1946.
On a cumulative
basis, private con¬
struction in 1947 totals
$1,062,922,000, which is 0.8% below that for
1946. Public
construction, $681,905,000, is 23% greater than, the cumu-.
Banning Closed Shop
lative total for the
Tennessee's newly-enacted anticlosed shop law withstood its first
cobrt> test
on
April
of 1946.
that
corresponding period of 1946, whereas state and
municipal construction, $513,782,000 to date, is 39% above 1946. Fed¬
eral
construction, $168,123,000, dropped 9% below the 18-week total
•
Civil
are:
May 1,1947
Construction,_ $102,480,000
Private Construction
—54,724,000
Public Construction
and
Municipal
Federal
In
the
for the current
.
Total U. S.
State
47,756,000
33,108,000
14,648,000
May 2,1946
$88,420,000
42,401,000
46,019,000
35,372,000
10,647,000
$108,809,000
the 1946 week
Waterworks, sewerage, highways, earthwork
buildings, and unclassified construction.
69,405,000
39,404,000
28,059,000
11,345,000
and
Capital
and
un¬
Six of the
as
follows:
drainage,
public
ruled
employment
failure to join
ated
Press
Tenn.,
as
"Herald
on
a
account of their
union."
advices
The
reporting
;
the
"
Chancellor's opinion dis¬
missed
suit filed
a
Firefighters
American
union
Clinton,
given in the New York
Tribune"
foregoing, added:
1
Associ¬
from
of
by the Fed.
Oak
Federation
Ridge,
of
an
Labor
contending
violated
that the act
provisions of Federal
and
state constitutions and the
National Labor Relations Act.
.
.
.
New capital for construction purposes this week
totals $55,210,000
$36,214,000 in state and municipal bond sales and
$18,996,000 in corporate securities.
when
Ketron
R.
is constitutional and
or
,
April24,1947
classified construction gained this week
over last week.
nine classes recorded gains this week
over
New capital for construction pur¬
for the 18-week period of 1947 totals $573,374,000, 20%
greater
than the $478,948,000 reported for the
corresponding period of 1946.
poses
J.
act
"designed to protect non-union
workers against loss of their jobs
classified construction
groups, sewerage, earthwork
and is made up of
the
week, last
drainage, highways, commercial buildings, public
buildings, and
New
17,
Chancellor
\
engineering construction volume
week, and the 1946 week
a
1946 it
+•>+ ,
•
ings and loan associations
State during
March, 1947
States totals $102,480,000 for the week
ending May 1, 1947, as reported
by "Engineering News-Record." This volume is 16%
above the pre¬
vious week, 6% below the
corresponding week of last
the previous four-week
moving average.
May 1, continued as follows:
New
$4,675;
$4,329. *
was
Engineering Construction Totals
construction
refinanced
to
$.4,258,513,
was
sented
engineering
990
and-1,174 inthe same period in
1946, $2,303,425- The average
mortgage loan
made by savings and loan associ¬
;
—
the
and March, 1947 reached
total " of
0.1
products.
(j.t v
$4,041,738,
1946,
amounted
ruary
0.1
—
textile
miscellaneous——
totalling $34,631,mortgages which
945
while 2,054 repair,
and other loans in
—0.1
poultry————
the
refinanced in the first quar¬
'1947
totalled
in
loans
0.6
—J
—
Ai —,1.6
Materials.——.
"
__v——___*
Chemicals
3.4
7,541
were
these asso¬
purchase of ex¬
of
and
$102,480,000 for Week
Civil
The
were
•
for
homes,
129.
0.5
r
*•
Decreases
the
homes
for
quarter of this year, 5,-
ciations
ter
.
existing
three
for
in
isting
Furnishings —LL——————""
vegetables--
Loans
riod
of
1946, there
mortgages made by
1
and
first
number, totalled $30,659,478, while in the comparable pe¬
,
Fruits
the
1946.
of
first
769
+28.0
4.3
fertilizers
the
1.3+34.8
3.0
Private construction this
week,
during the week, as advances for cotton, eggs and
fresh;fruits and vegetables more than offset weakness in
grains and
livestock prices.
Haw cotton rose nearly 7% to a 1947 high on indi¬
Increased
0.7
in
of
purchase
FROM
.
Increases
below
In its advices for the week ended April 26 the Bureau further
reported:
eggs.1 Despite adequate
higher'in prld:e. Apples
+43.0
„
on
Statistics, U. S. Department of
on May 1 said thqt, "the Bureau's index of commodity
prices in primary markets- dropped to 146.8% of the 1926 average,
1.7% below the peak of late March and 33.9% above a
year earlier."
and continued
0.3
part,., prices
charged by - manufacturers or producers or are those
prevailing on com¬
modity exchanges.
The weekly index is calculated from
one-day-a-week prices.
It is
designed as an indicator of week-to-week
changes and should not be compared
directly with the monthly index.
;
773,000
labor, which
rose
totalling
those
are
6,000
Declines in eight of 10 major commodity
groups lowered average
primary market prices 0.3% during the week ended April 26, 1947,
ucts
—
-•Based
'
v
and
»
0.9
-
on
-tho
BLS • weekly Index
of prices of about 900 icommodities. which
changes in the general level cf primary market
prices.
This index should
distinguished from the dally index of 28 commodities.
For the most
=>
Reports"
* ■ "Farm Products
—
INDEXES
1947, TO APRIL 26, 1947-
skins^—.-u—'
'
of
SUBGROUP
—
2.5
measures
be
•
12,850,000
Bureau
—
—
l
Wholesale Prices Dropped 0.3% in Week
Ended April 26, Labor Department
according to the
—
103.9
132.4
0.6
+
105.1
141.2
goods<__-—iiW
50,000
-.
150,000
V
143.3
141.1'
pharmaceuticals__________
Paint
142.0
140.1
—
$6,-
$2,789,150
foods—
and
first
14019
2.000
tlncludes operations on the N. &
W.; C. & O.; Virginian; K. & M.; B. C. & G.; and
on the B. & O. in
Kanawha, Mason and Clay Counties.
tRest of State, including the
Panhandle District and Grant, Mineral and Tucker Counties
SIncludes Arizona and
Oregon.
*Less than 1,000 tons.
t v
■
20%
February.
132.5
APRIL 19,
Other
"-
for
1,023
40,000
'
\
6,000
...
825,000
"
.
8,000
-i8o,ooo
•
■
2,388,000
—_„
•> /;> \ ' - V,
and lignite
56,000
108,000
Washington
———
*26,000
'
"
43,000
152,000
fiOther Western States-.
*
,
'
—i ■
'
(bituminous and lignite)-—
Virginia—
50,000
*•
•
1,731,000
.
131,000
i
tWest Virginia—Southern—
tWest Virginia—Northern-;-,.;.-—;
.
Paint
increased
volume
178.4
:—;
1,000
-<V
'
49,000
-••i-43,000
v——
.M
37,000
•
T
,
.
20,000
'
913,000
—
Oklahoma i-
Wyoming
;
'
Pennsylvania (bituminous)__
Texas
."
'28,000
-)
(lignite)
1947
loans
State
130.5
.
fats-
and
the
of
tne
in
quarter of 1946.
The
loans for the construction
of new homes accounted
for
+ 20.0
i
Anthracite
Hides
f
volume
asociations
March,
the
+ 30.6
104.1
feed————"
and
+
—
138.8
Dairyproducts-—'-—
2,000
•
,v
New Mexico—
—45.3
120.3
State
total
volume for the first
quarter of 1947 amounted to
$45,781,093, a 5% increase over the
total
volume of
$43,657,507 for
+31.1
3.7
110.3
174.2
•
v
3.4
—
135 5
166.5
144.7
?'•'
and
"
'
'
—
183.8
173.8
132.0
'•
V.
»
-.10,000
...
'
;
Oils
"
".:
1.3
1.2
180.1
the
The
+33.9
163.0
mproducts——
12,000
,
•
v
1.7
total
oy
over
1946
—
172.5
other than
38,000
..|f,
1947
0.3
fot'the;
of,':>1947.
from
115.2
crude___h_.
far
Cattle
-
.
v
Drugs
-
—-————
'
"
291,000
".112,000
V'. "
103,000
?
168,000
■" ■■+''•" 284,000 * v
Kentucky—Eastern __Lv———<••
Kentucky—Western z—.^-v——:
363w
/ ,495,000 V« P: '
Maryland
•-37,000
"
42,000
,
J
"
Michigan
—I-ii,.Bjlontana (bituminous and lignite) V
52,000 '
44.000 '
1947
—
.
in' the
140.8
PERCENTAGE
t
Rubber,
15,000
28,000
.
'
-
Other
3,000
V .V,,
.
A'1
.
•
■
-
:•
..
Kansas -.and Missouri———
/.
*
.
,11,000
353,000
\.
.■*
•
631,000
,
...
.
•
\
.
'
•,53,000
1 ooo
•
...
.
,
V*
■1
1,308,000
Indiana
13,000
.
i.ooo
;
Illinois
t
>
109.6
162.2
'
26,000
7,000
*
.
6,000
1946
149.4
for. the
War,
178.0
products and foods
•
1946
:
136,000
;
ov
6,000
«'
for
4-27
175.4
Apr. 20,
...
"
Alaska'
Farm
•=
-
1
*
'
,
•
>
Week Ended
'
Ail commodities
:.
from the operators.)
products
allied
Manufactured products
All commodities other than
Farm products
1
TONS
i
——
1947
148.1
3-29
a
con¬
161.3
and
Semi-manufactured articles
estimates are based on railroad carloadings and river ship¬
subject to revision on receipt of monthly tonnage reports from district
sources
4-19
1947
147.2
Special Groups—
(The-current weekly
ments
metal
materials
Miscellaneous commodities—
ESTIMATED WEEKLY PRODUCTION OP BITUMINOUS COAL AND
LIGNITE,
/
4-27
that
of
seen,'
the
months
advices
"The
103.9
Raw materials
'
.
3-29
since
mree
,
mativ
.
137.8
products.
Housefurnishings goods
1,241,000
»
,.
and
Building
,
...
"
•
*;
.
171.9
products
lighting materials
Chemicals
coal
shipped by truck from authorized
operations.- tExcludes colliery fuel.
tSubject to revision.
SRevised; ^Estimated from
weekly carloadings reported by 10 railroads.
*.
:
... •
•
*
•
"
.
stated
is
League of Savings and Loan As¬
sociations further report:
';
.
.
177.6
Feather
products
Fuel and
'
^"
and
Textile
May 1,
1946
1937
19,875,000 > 19,560,00019,110,000
18,582,000
Apr. 27,
,
18,046,000
17,351,000
GROUPS
'."
1947
160.3
——Calendar Year to Date
§Apr. 19,
1947
COMMODITY
4-12
1947
146.8
,
COKE
Hides
Week Ended
J Apr. 26,
BY
is
loans
tinu3
The
-
1,663,001)
AND
Hard
Percent changes to
4-19
1947
(In Net Tons)
-
-
It
survey of mortgages made
Auril 26. 1°47 fr^—
1946
All commodities-
PENNSYLVANIA
rubber.
'
•
'
Penn. Anthracite—
PRICES
•
Farm products
PRODUCTION
natural
ENDED APRIL
26,
•
tSubject to current adjustment.
ESTIMATED
crude
...
164,781,000
2,038,000
struction
higher,- reflecting previous advances in
Apr. 27,
1947
824,000 199,947,000
League of Savings and Loari^As-
inventory
higher prices for
Jan. 1 to date
.
Woodward, Executive Vice-
lust
resulted
(1926=100)
V
Apr. 26,
"Apr. 19,
Bituminous coal & lignite—
' 1947 ""
1947
Total, including mine fuel— •' 12,670,000
12,850,000
Daily. average,,.,
2,110,000
2,142,000
'
Z. V.
President of the New York State
the
control
:
Week Ended
ing to figures recently issued,
by^
first
LIGNITE
AND
COAL
in
and
savings
increase
over
first
sociations.
surfaced floor coverings were
.
OP BITUMINOUS
weakness
the
sharp rise in the number
(In Net Tons)),
„
Further
in
quarter of 1947
among savings and loan associa¬
tions of New York
State, accord-"
coal
on
loans
decided
a
1946
reported in prices of oils, fatty acids and
by-products.
Quota¬
tions for cattle feed again declined and some
manufacturers lowered
prices of industrial soaps. .Liberalization of end-use and
of
^
Mortgage
show
steel market brought quotations for this material
to a level onehighs. Bar silver also declined. Market prices
tung and linseed oil and rosin were lower. Continued decreases
,
.
discounts
:
Assns. Show Increases
were
13,800 tons'when compared with the output
for the week ended April 19, 1947; and was
132,800 tons more than
for the corresponding week of 1946.
;
granting
N. Y. Savs. & Loan
farm
scrap
,
,,
than
fourth below the 1947
The Bureau also reported that the estimated production of bee¬
hive coke in the United States for the week ended April 26, 1947
ESTIMATED UNITED STATES PRODUCTION
other
for
-*
increase
commodities
with
1,071,000 tons, an in¬
preceding week.
When com¬
pared with the output in the corresponding week of 1946, there was
a decrease of 42,000
tons, or 3.8%.
The calendar year to date shows
a
decrease of 9.2% :when compared with the corresponding period
of 1946. J
an
for
resumption of the prewar practice of
purchased during the Spring months.
as estimated by the Bureau of Mines, was
crease of 27,000 tons (2.6%) over tjhe
1947,
L showed
Commodities—Prices
Toods, as a group declined 0.3% during the week to
approximately the level of a month earlier and 28% above the cor¬
responding week of 1946. Declines were reported in all
nonagricultural commodity
groups except housefurnishings.
Cattle hide prices
dropped again, reflecting market fears that current
prices for leather
goods could not be maintained. Spot quotations for cotton
print cloth
and sheeting dropped as much as
13%.; This was the second decline
for print cloth in
April.
Prices -for anthracite were lower
corresponding
the
"Other
.
products and
'^a's est i ma ted: b y "the Un i ted States Bureau of Mines, was 12,670,000
net tons, sa slight decrease—180,000 tons, or 1.4%—from the
preceding
week, v Output in the corresponding week last year was 824,000 tons.
During the current calendar year to April 26, production and bitumi¬
nous1 coal and lignite aoproximated;
199,947,000 net tons, an increase
:
(2537): 13
Ma
Chancellor
the
Ketron
held
that
act, passed overwhelmingly
at the recent session of the
Gen¬
eral Assembly, did not violate
either of
that it
the
was
constitutions, and
not in
conflict with
the Labor Relations Act.
.
Trading
New York Exchanges
on
public on April
Exchange Commission made
The Securities and
figures showing the volume of total round-lot stock sales on the
New York Stock Exchange and the New York Curb Exchange and
the volume of round-lot stock transactions for the account of all
30
a
April 12, continuing
in the week ended
members of these exchanges
sales are
Short
figures.
"j
Trading
April 5 of
the week ended
with member trading during
compares
amount was 16.14%
of 5,145,310 shares This
1,659,820 shares, which
transactions on the Exchange
the total
April 12 (in round-
the week ended
(except odd-lot dealers) during
lot transactions) totaled
of
„
j
the account of members
Stock Exchange for
the
on
1,190,991 shares, or 17.63% of the total trading of 3,377,450 shares.
On the New York Curb Exchange, member trading during the
week ended April 12 amounted to 331,590 shares, or 13.98% of the
total volume on that Exchange of 1,186,180 shares.
During the week
ended April 5 trading for the account of Curb members of 272,790
shares was 18.83% of the total trading of 1,810,460.
Total
Stock Sales on the New York Stock Exchange and
Transactions for Account of Members* (Shares)
WEEK ENDED APRIL 12, 1947
Bound-Lot
A. Total Round-Lot
port that they have encountered
sales resistance with the market
4,960,440
i.
salesj>
5,145,310
.
established to come-through before the end
and 14.80c, JSt,. of: the current week.
Louis. Though more lead is being r
^eatteredf lots of tin are being
shipped to consumers - currently offered from
China
and other
than in some time past, the situ¬
sources, and these are being ab¬
ation so far as domestic metal is sorbed
by the government on the
concerned may tighten up a little
basis of-prevailing official quo¬
this summer, producers believe.
tations.
Operations
at
some
properties
"Grade A" or Straits quality tin
market remains firmly
Total
Short
sales
sales
\
,
the
239,945
»
4. Total—
in
ary,
Total purchases
|
Bureau
of
Febru¬
to
the
sta¬
tistics:
849,455
sales
JOther
March
Metal
according
tons,
American
102,300
sales
Short
and
March
for
refineries
3.72
708,065
-
Sales
Bound-Lot Stock
Total
Transactions
on
for
;
sales
JOther
sales
Total
t%
98,855
4,045
sales—
!
JOther
sales
r.—
Total
sales
Short
'
Total
135,200
sales
700
JOther
sales
17,975
sales
18,675
has
Total
JOther
Total
13,210
:
purchases
Short
sales-.
:
4. Total—
Total
129,815
purchases
Short
sale3
JOther
sales
Total
sales
201,775
C. Odd-Lot
short
§Customers'
other
sales
Total
13.98
0
59,677
sales
—
Demand
In
a
paper
59,677
purchases
for
PRICES
OF
sales
"members" includes all
•The term
firms
and
their
including special partners.
percentages the total of members'
partners,
calculating
tin
58,086
regular and associate Exchange members,
these
"short exempt"
marked
§Sales
are
their
by the Commission's
sales."
included with "other
Dom.
purchases and sales is
for the reason that
compared with twice the total round-lot volume on the Exchange
the Exchange volume includes only sales.
JRound-lot short sales which are exempted from restriction
rules are included with "other sales."
•. • ■
.
■
*;
April 30
—
—
Copper Bill Effective
the 40
"President
Truman
import duty
became effective
the future
copper
on
on
on
April 30.
Markets," in its issue of May %
bill to suspend
until March 31, 1949. The measure
This action removed all doubt over
availability cf foreign copper on an even
product.
So far* producers have
turb the price situation, thought
most observers believe that the
have
to
ferrous metals last week centered
in silver and
clining
on
declined
quicksilver, both de¬
freer offerings.
to
73 %c
an
on
to say
in part
Silver
ounce
as
fact,
on
follows:
a
on
the
2IV2C
moved
Valley
Foreign copper held at
equivalent
of
233/4c,
f.a.s.
the
New
York.
Opinion remains sharply divid¬
ed on whether
the price here
with
QUOTATIONS)
J."
M.
&
naval needs of the
panying personnel are limited to
100 officers and 200 enlisted men.
The
Navy's authority to trans¬
vessels is predicated on
the
fer
agreement by the Secretary of
State, said the Washington ac¬
"Herald-Tribune,"
that the order
specifies: "If at any time the Sec-,
retary of State shall determine
count
the
to
which
reported
transfer of further ves¬
not be in the public
that
the
sels
would
shall be
transfers
such
discontinued,"
NYSE Odd-Lot Tradiag
Exchange
and
Securities
The
April,
Commission made public on
30
a
summary
of complete figures
showing the daily volume of stock'
transactions for odd-lot account
and special¬
lots on the
New York Stock Exchange for the
week ended April 19,
continu¬
of all odd-lot dealers
ists who handled odd
ing
Zinc
Lead
series of current figures be¬
a
St. Louis
15.000
St. Louis
14.800
New York
80.000
23.675
of the
United States."*
Crew members and other accom¬
those which are "in excess
10.500
The
10.500
ports filed with the Commission
by the odd-lot dealers and spe¬
Commission.
ing published by the
figures
21.225
23.675
80.000
15.000
14.800
80.000
15.000
14.800
10.500
23.675
15.000
14.800
10.500
based upon re¬
are
cialists.
STOCK
April 28—
21.225
23.675
80.000
April 29—
21.225
23.675
80.000
April 30
15.000
14.800
10.500
80.000
15.000
14.800
10.500
80.000
15.000
'
21.225
23.675
21.225
—,
23.675
t
AND
*
STOCK EXCHANGE
10.500
14.800
Domestic
export copper, f.o.b. refinery 23.642c.;
lead, 15.000c.; St. Louis lead, 14.800c.;
week ended April 26 are:
f.o.b. refinery, 21.225c;
New York
St. Louis zinc, 10.500c.;. and silver, 75.625c.
The above quotations are "E. & M. J. M. & M. M.'s" appraisal of the major United
States markets, based on sales reported by producers and agencies.
They are reduced
to the basis of cash, New York or St., Louis, as noted. All prices are in cents per pound.
sales for both prompt
only.
lead and zinc quotations are based on
tin quotations are for prompt delivery
Copper,
deliveries:
the
In
at
delivered
2,
and future
& M. J. M.
open
for copper
reflects prices obtaining
in
market and is based on sales in
equivalent, Atlantic seaboard. On
pound.
Quotations for zinc are for ordinary
'discount
of
0.125c
per
1
.
Prime Western
brands. Contract prices for
instances com¬
Western but
High-grade zinc delivered in the East and Middle West in nearly all
mand a premium of lc per pound over. the current market for Prime
not less than lc over the "E. & M. J." average for Prime Western for
rponth; the premium on Special High Grade
Quotations for lead reflect prices obtained
on sales in the Chicago district is
10 points
five
points to the New York
basis,
Number of
Number
+
the previous
in most instances is IV4C.
for common lead only.New? England add
The differential
for
under New-York;
n j
'. • • •
'
•1
$35,523,435-
—
';'' ■' 1 > •
1L1
Dealers—
(Customers'sales)
\
Number of Orders:
Customers'
•Customers'
sales
r«i.
i
other
1.
,
,
,
(
.
sales!—,—
total
•Customers'
sales—.2,
*••.
Dollar value..
M
»
rr
$29,471,932
.•
u
Number of Shares:
'*\ijji:
>1
:
Short sales—,—.
JOther sales——
771,084
r 1798,840
>11.;:
J
Round-Lot Sales by Dealers—
Total
i
j
.
.
short' sales J—■-27,756
Customers'
;
: •
r!\
>
808
26,372
27,180
other sales,—
total
'<
v
short sales-;—
Number of Shares:
-
,' ■; l36(39Q'1,014,693'
shares—
Odd-Lot Purchases by
•«'
Total
orders_j.__t'-,_vi__
of
'
.
••
For Week
-
Dollar value
Customers'
& M. M.'s" export quotation
the foreign market reduced to the f-o.b.
refinery
f.a.s. transactions, 0.075c is deducted for
lighterage, etc., to arrive at the f.o.b. refinery quotation.
Quotations for copper are for the ordinary forms of wirebars and ingot bars.
For standard ingots an extra 0.075c per pound is charged: for slabs 0.175c up,
and
for cakes 0.225c up, depending on weight and dimension; for billets
an extra 0.95c
.up, depending on dimensions and quality.
Cathodes in standard sizes are sold at a
the
(Customers'purchases)
■
,
1947
Odd-Lot Sales by Dealers—
Customers'
basis: that is,
destination, the
refineries on the Atlantic seaboard. Delivered
per pound above the refinery basis, effective
trade, domestic copper prices are quoted on a delivered
consumers' plants.
As delivery charges vary with the
shown above are net prices at
in New England average 0.275c
1947.
"E.
TRANSACTIONS FOR THE ODDODD-LOT DEALERS
SPECIALISTS ON THE N. Y. - - -
LOT ACCOUNT OF
Week Ended April 19,
Straits tin, 80.000c.;
prices
fair tonnage was
yesterday
basis.
April 30." The publication further
went
In
which
in January.
("E.
vessels are re¬
law to 271 of
of
number
stricted "under the
21.225
Jan.
come
compares
was
sistance to' the Republic of
April 25
figures
Copper
prices—domestic and foreign
—will
of silver in February
Imports
Act
April 26
price basis with
done nothing to dis¬
Though most operators look for
together early action that would in effect
establish the market for copper
sooner or later to avoid a compli¬
on
a
one-price basis, quotations
cated pricing problem in copper
remained unchanged throughout
products. Price changes in non- the week that ended on April 30.
two
73%c
consumers.
amounted to 6,325,000 ozs,
New York
Exp. Refy.
copper,
April 29 signed the
the domestic
domestic
Straits Tin,
Average prices for calendar
Silver and Quicksilver Declines
"E. & M. J. Metal and Mineral
stated:
Refy.
21.225
April 24
Average.
Non-Ferrous Metals
from
Prime
METALS
the
accumulation of
supplies of foreign metal and a
reduced volume of buying orders
little
—Electrolytic Copper—
Total
decline to
The
resulted from an
presented before the
DAILY
has been
provisions of Public
512, approved July 16, 1940,
same advices continued.
The
cent on interest,
April 29, and
April. 30.
change
supplies.
Account of Specialists—
transactions for
Customers'
ounce .on
11,671,000 ozs. in
January, the Bureau of the Cen¬
Western remains fairly active.
Exports of refined
Export demand was described sus reports.
bullion in February totaled 11,as moderate, with Prime Western
638,000 ozs., against 2,741,000 ozs.
available at 10 %c, Gulf ports.
17,445
184,330
,
was
Official quota¬
declined l%c an
silver
for
tion
last week.
Con¬
sumers of Special High Grade, in
some instances, indicate that they
are
no
longer in urgent need of
2.40
43,855
sales
market
Silver
The market showed
no
or
31,155
-
the
York
New
The
taken
metal.
12,700
sales
41,990
supervising zinc allocations, re¬
moving the threat of an interrup¬
tion
in the movement
of such
1.54
transactions initiated off the floor—
3. Other
52,465
Through¬
metal.
spot
week
the
out
quotations were
lower
for
named
44,053
49,638
43,233
51,239
and
unsettled
remained
somewhat
2,843
Department of Commerce
over
the function of
The
Short
Total
__
Law
The
quick¬
in
Zinc
17,750
.
end
_
-
J
Executive Order
The
(guaranteed
situation
price
of March.
the floor—
purchases-,.
shipments
at
10.04
139,245
transactions initiated on
2. Other
41.210
4,540
there.
issued under
quotable at a range of $85 to $88
per flask, with some operators in¬
Metals Reserve allocated 8,060 clined to be less
particular in re¬
tons of lead to consumers during
gard to quantity differentials. Un¬
March, against 5,730 tons in Feb¬ certainty over the sales policy of
ruary. Metals Reserve had '24,§66 the Cartel tends to restrict busi¬
tons of lead on hand at the end ness.
'
^
purchases
_
Stock
Account of Members:
Transactions of specialists in stocks in which
they are registered— '
Total
The
silver
Domestic
B. Round-Lot Transactions for
1.
48,826
46,699
--
Totals
1,186,180
i.
•
1
...
Primary
19,675
1,166,505
,
43,233
Secondary
Total for Week
.
Production:
(Shares)
1947
APRIL 12,
WEEK ENDED
Short sales
Stock at beginning
Exchange »nd Stock
the New York Curb
Account of Members*
Sales:
Round-Lot
A. Total
16.14
951,755
sales
Total
pro¬
.
tioned
Quicksilver
:
Feb.
March
special
a
lend-lease
designed to "provide as-"
China
in augmenting and maintaining a.
wide variations in the tin con¬ naval
establishment,
and
for
tent of Chinese and similar brands other purposes.'VThe law gives,
of tiny, "E. & M. J." has revised the President the power to decide
its quotation to conform with the whether the transfers shall be for
government's standard for "Grade cash, credit or as gifts. Mr. Tru¬
E."
The
selling basis for this man's order makes a gift of the
grade, 99 to 99.45% tin, was 78.90c vessels, but the Chinese are to
pay
in cash for repairing and
per pound throughout April.
equipping them prior to transfer.
Shipments
refineries in
under
the
of
A naval mission of ap¬
proximately 100 is presently stagram.
99%
minimum)—Correction: Owing to
Chinese' tin
52,465 tons, against 49,638
in February.
A summary of
operations of primary lead
tons
222,945
.
sales
—,
totaled
17,000
„
—
i
April 26___
output ;for
the
51,239 tons, against 44,-
by domestic
142,555
,
"
Total
2.83
no
China
to
extension"
80.000
80.000
80.000
80.000
80.000
80.000
80.000 - 80.000
25_i_—80.000
80.000
80.000
80.000
April 28J
80.000
80.000
April 29——--80.000 " 80.000
April 30_———
80.000 .'80.000
April
refinery statistics for
in February.
053 tons
ferred
July
June
April 24__„ri-___
placed
month at
187,600
—
initiated off the floor—
„!
purchases
.
March
14,150
sales
JOther
1
•'
lead
represents
,
May
.'
are
totaled 9,015 tons.
week
173,450
3. Other transactions
Total
j
103,150
sales-!
Total
•
9.59
The
sales
Short
-
453,060
purchases
JOther
■
462,360
transactions initiated on the floor—
2. Other
period.
State Depart-.
President's
change in*
policy, China's need for ships
having been recognized for a long
time; some naval vessels and dry-,
docks already have been trans¬
order
shipment, in cents per pound,
Was nominally as follows:
expected to hold to
a fairly high level.
Scrap is mov¬
ing freely.
Sales of lead during
the last
524,210
•
statement, ^the
ment'
for
part of miners to turn to
the
Imports
-
or-
April
on
ed., According to a
New York,
15c
at
will suffer because of a tendency
—
sales—.
dered
continue to increase through 1948
■IV;The trade looks for the price struction. The largest vessels to
situation ; in tin to remain un¬ be transferred will be destroyer '
absorbing alL of changed throughout May. Alloca¬ escorts, Washington advices to the
available^aM 'me tions jor. the month are expected New York "Herald-Tribune" stat->
the lead that is
71,150
sales
Total
assistance,
such
requested
should
production
disclosing
had
Truman,
that the Chinese Government
tons over
156,200
Surplus Ships
President
are
other work in the summer
—
U. S.
Lead
Consumers
on
sales
World
1946.
em¬
of
increase
an
Bureau
Mote,
.
they are registered—
purchasc-s
H.
26 that an un¬
specified number of surplus ships
to a total of approximately 1,830,and floating drydocks be trans- ]
000 tons, these
authorities hold. ferred
as a result of this development in¬
by the Navy to China, with- ventories are being reduced. Wire In 1941 the same group of coun¬ out
cost, and that a limited num-:
tries produced 2,000,590 tons of ber of naval officers and enlisted
mills, however, remain active; and
slab zinc.
■
a major slump in consumption of
men
be detailed to the vessels to
copper is not expected.
'■•y.
Tin
give operating and : technical in- !
Transactions for Account of Members
for the Odd-Lot Accounts of Odd-Lot
Dealers and Specialists:
1. Transactions of specialists in stocks in which
JOther
company's
the
told
Brass,
Except
Short
and President of Bridgeport
man
B. Round-Lot
Total
Col. Steinkraus, Chair¬
211/2C.
at
Chins to Have
of Mines,
world production of slab zinc, ex¬
cluding the U. S. S. R., was esti¬
mated at 1,636,000 tons for 1947,
R.
Some fabricators re¬
eign copper.
of the American
Miller and
meeting
Zinc Institute by T. Hr
,
184,870
sales
Total
Round-Lot Stock
Total for Week
Sales:
sales__—_
Short
JOther
annual
long at
for
obtaining for forr
now
published weekly by the Commis¬ ployees that orders for brass mill
shown separately from other sales in these products are now falling off and
series of current figures being
sion.
maintained
be
could
the level
Thursday, May 8, 1947
FINANCIAL CHRONICLE
THE COMMERCIAL &
(2538)
J4
!
—2
•
(J
203,600
203,600
sales——
Round-Lot Purchases by Driers—
399,650
Number of shares•Sales
marked
ported with
"short-exempt"
"other sale*-"'
,
are
re-*
/
' '
offset • customers' odd-lot or¬
ders and sales to liquid , V* v long position,
which is less than a ro*Vi !' lot are reported
with "other sales."
' ,
/
tSales
to
,
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4592
165
Revenue
Freight Car Loadings During Week
Ended April 26,1947 Increased <27,930 Cars
the Association of American Railroads announced
This was an increase of 233,512 cars or 35.4% above the
corresponding week in 1946,-but a decrease of 6,174 cars or 0.7%
below the
week in 1945,
same
increased
below the corresponding week in 1946.
_
»
&
1946
427
390
RR.
of
Ala
2,001
10,105
4,481
3,608
4,537
4,505
488
518
466
1,630
1,225
3,659
2,273
1,727
228
256
262
Associates
84
108
625
215
Chamber
4,424
2,551
1,568
1,514
93
72
48
80
92
1,139
1,270
1,190
2,088
1,882
-
•'
398
489
351
769
4,141
4,862
4,111
21,547
29,848
14,677
12,865
30,554
9,96']
loading amounted to 15,676
cars,
increase of 1,637
an
below tbe
corresponding week in 1946.
In the Western Districts alone loading
of livestock for the week of April 26 totaled 11,844 cars, an increase
of 784 cars above the preceding week, but a decrease of 3,297 cars
above the preceding week, but a decrease of 3,706 cars
below the corresponding week
&
St.
the
totaled 47,552 cars, an increase of 4,452
week and an increase of 2,237 cars above
above the preceding
cars
corresponding week in 1946.
Ore
*
•
-
<
27,492
10,325
234
219
1,033
353
425
435
398
3,341
3,621
4,146
3,922
1,218
1,064
1,546
1,336
members will
serve
for
395
Southern
Northern
445
422
1,739
1,145
three
8,524
'10,583
The
election
,
491
Air Line
510
cars, an increase of 18,241 cars
increase of 47,931 cars above the
loading amounted to 68,744
above the preceding
week, and
corresponding week in 1946'.
an
12,073
12,969
11,607
8,654
25,590
24,344
788
710
612
133
156
923
851
Central
845
145
the preceding
above
Y
corresponding week in 1946.
week in
1945, except the Eastern Pocahontas and Southern.
1947
Four
Weeks
Four
Weeks
of
of
Total
137,804
—
1940
1945
r
3,179,198
2,866,876
3,052,487
3,982,240
4,022,088
643,644
765,672
April
12
649,298
847,013
of
April
19
650,843
864,700
of
April ,26
of
February
__
Week
of
Week
Week
March
of
April
___
Chicago,
Total
__
-
_
St.
MilW.,
20,723
&
,
■.
893,7.76
660,264
_
13,750,962
_
899,950
^
12,337,028
13,455,565
The following table is a summary of the freight carloadings for
the separate railroads and systems for the week ended April 26, 1947.
this
period
87 roads
reported
gains
the
over
LOADED
3,545
'
OF
AND
CARS)
RECEIVED
WEEK
ENDED
Northern
Great
APRIL
26
V
w*
'
;
-
V
District—
„
Received from
=-
Louisville
&
1945
1947
359
278
1,727
2,033
1,988
418
372
7,257
Maine
1946
2,769
Indianapolis
175
merce,
763
520
of
6,619
9,389
11,818
6,621
502
415
«";,167
7,711
7,256'
13,451
11,689
1,116
1,136
2,195
1,451
i.
*
1946
1,369
<
1,650
19,739
6,617
4,436
456
416
918
1,065
the
1,697
224
2,784
62
2,099
2,516
7,002
3,641
57
2,376
3,304
directed
1,495
4,621
10,972
8,541
10,415
5,008
4,367
of
154
124
289
569
494
2,706
2,332
2,466
2,974
2,131
127,941
J
Western
Central
90,942
130,635
66,860
53,102
25,337
23,166
25,411
11,244
2,715
4,116
3,329
2,884
338
31
361
76
6
15,900
20,532
11,497
Bingham & Garfield
Chicago, Burlington & Quincy
21,021
Chicago & Illinois Midland
Chicago, Rock Island & Pacific
3,369
229
3,165
839
11,548
12,971
12,623
2,798
2,194
3,068
3,744
:
Denver
&
Rio
Denver
&
Salt
Worth
571
647
1,827
1,473
3,£>'37
5,030
"
♦
!*.
Lake—
&
Denver
1,242
1,135
1,022
1,505
2,262
2,184
1,857
1,509
1,239
576
507
Nevada
1,634
1,471
1,414
123
72
1,019
572
761
593
558
Northern
Western
Peoria
'
Pacific
5
0
0
9,987
9.507
190
C
12,434
16,655
14,401
12,292
0
558
3
1
1,977
2,076
3,484
2,825
eral Reserve banks
131,011
111,504
133,088
82,988
73,249
Total applied for
795
"
Pacific
Western
Total
Total
Coast
Island
305
6,152
2,205
4K.
&
G.-M.
V.-O.
C.-A.-A
1,060
2,863
&
Arkansas
2,308
&
Madison
City
Missouri
Quanah
202
77
§
309
6,822
17,218
49
9,467
3,538
12,271
4,261
.16,696
246
8,595
5,352
4,512
15,347
250
7,355
5,513
5,928
7,123
discount
17,132
—
&
Pacific
113
7,793
7,968
9,253
8,142
Texas
&
421
245
261
158
Wichita
1,368
992
Weatherford M. W.
Lehigh
Lehigh
&
&
2,466
1,686
428
3,506
15,939
11,653
4,802
4,412
8,449
196
167
2,447
2,087
2,265
2,282
1,503
762
7,946
8,512
8,711
6,489
Lehigh
Valley
I',649
Maine
Central
2,713
2,657
2,453
4,326
6,550
207
6,507
266
2,922
17
2,775
18
5,314
5,697
7,400
89
92
89
42
5?
.23
23
26
11
22
65,632
60,293
75,515
66,092
W
43,296
51,559
53,149
11,030
14.911
—
♦Included
in
Denver
&
Rio
Grande
Western
RR.
Oklahoma & Gulf Ry., Midland Valley Ry.
tlncludes Kansas,
0.372%
Low, 99.905, equivalent rate of
approximately
0.376%
per annum.
(64%
of the amount bid for at
the low price was accepted.)
There was a maturity of
and Oklahoma City-
33,596
10,605
Total
approximately
per annum.
63,230
Southern
& N.
High, 99.906, equivalent rate of
13,781*
ilar
issue
of
sim¬
May 8 in
$1,309,924,000.
bills
on
37
53,164
Monongahela
Montour
Hew
N.
)
York Central Lines
Y„ N. H. & Hartford
10,170
York
York, Chicago & St. Louis
N.
Ontario
Western
New
New
"
&
6,096
199
Pacific
6,500
Range
bids:
1,555
12,881
4,699
Hudson River
New England—;
359
11,871
Orleans
of accepted competitive
discount
9,928
4,861
14,132
156
7,766
2,529
9,440
&
Falls
1,051
1,661
•
Average price, 99.095-f; equiv¬
rate
of discount approxi¬
mately 0.376% per annum.
alent
§
Lines
Texas
New
$1,111,511,000.
$17,047,000 entered on
a
fixed price base at 99.905 and
accepted in full).
4,858
Pacific
Acme
280
424
511
Missouri-Kansas-Texas
$1,706,997,000.
accepted
5,177
Missouri & Arkansas
8,805
385
1,154
5,103
3,204
2,900
2,384
Litchfield
2.816
1,263
Southern—
Louisiana
370
2,681
5,430
1,619
3,083
2,564
724
2,745
4,766
1,456
3,577
2,060
377
7,327
450
6,533
Lines—
2,549
O.
May 5.
on
(includes
District—
11,977
13,791
on
May 5 that the
$1,100,000,000 or there¬
about of 91-day Treasury bills to
be dated May 8 and to mature
Aug. 7, which were offered on
May 2 were opened at the Fed¬
tenders for
333
5,059
Line
Secretary of the Treasury
32,733
4,434
.
The
0
5,671
Shore
pro¬
announced
5
112
16,457
2,709
Western
the
Treasury
Offering
Bill
32,312
r '
:
9,474
Toledo
for
Result of
6
(Pacific)
Louis-Southwestern
&
Charter
a
31,221
Union
Pacific
Toledo, Peoria & Western
Union Pacific System
Louis-San Francisco
Trunk
Current work
1,677
Pekin
&
Southern
St.
Detroit
dislocations
and
war.
ization.
1,471
1,571
St.
.
of
1,513
2,347
City
Terminal
33
402
problems
production,
by the
*
Missouri-Illinois
Illinois
2,022
7,801
study
economic
destruction
4,016
39
2,577
world
the
posed International Trade Organ¬
1.506
3,500
Western
2,300
& Western
to
9,892
581
Grande
23
Erie
the
2,980
Eastern Illinois
&
1,165
Grand
pressing
removing
and
of
that
are
retarding
transportation, and recovery from
11,552
31
Lackawanna
toward
much
has been
war
801
13,133
1,096
Mackinac
that
10,866
2,853
19
Detroit, Toledo & Ironton
Com¬
announcement of
notes
barriers
ment
System
1.028
&
trade
of
up
includes assistance in the develop¬
District—
Top. & Santa Fe
The
work since the
7,252
Seattle
Associates
of groups
representatives of 35
Council
2,225
Total
Atch.
financial
Chamber
business
the
9,621
Vermont
& Hudson
and
which is made
countries.
461
Pacific—
Spokane, Portland &
manufac¬
States
110
Indiana-
Delaware,
ternational
306
983
Central
Detroit
3,756
3,970
26,289
628
Central
Delaware
3,851
3,494
13,024
International—..
Kansas
—Connections—
1947
Aroostook
&
Chicago,
Total Revenues
299
&
Boston
.
Freight Loaded
Arbor
Bangor
United
464
International-Great Northern
Total Loads.
<■
/'
«
Eastern
Ann
i,Y
Railroads
•
v
,
na¬
in
represents this country in the In¬
2,906
L',443
22,847
Minneapolis & St. Louis
Minn., St. Paul & S. S. M
Northern
The
12,321
3,379
10,967
•
8,938
Dodge, Des Moines & South
Burlington-Rock
CONNECTIONS
FROM
,
,
organizations
*">589
,'
Elgin, Joliet & Eastern
Gulf
(NUMBER
tional
100,028
13,304
2,675
20,922
19,890
Ft.
20,782
2,270
20,380
Duluth, South Shore & Atlantic
Southwestern
FREIGHT
108,394
week ended
April 27, 1946.
REVENUE
16,611
22,838
Pac
Utah
During
131,670
,2,640
P.
Chicago, St. Paul, Minn. & Omaha—
Duluth, Missabe & Iron Range
North
_
busi¬
fields.
Colorado & Southern
3,003,655
2,883,863
January
hundred
and industrial firms and
turing, commercial
Chicago
5
Weeks
Week
114,060
District
Northwestern
Fort
Five
consists of several
ness
'
Alton
All districts reported increases compared with the corresponding
week in 1946 but all reported decreases compared with the same
was
by mail ballot from the
organization's membership, which
21,163
566
years.
term of
a
made
7,923
23,813
.
caused
loading amounted to 14,286.cars, an increase of 149 cars
week and an increase of 7,862 cars above the
.Coke
556
1,153
27,637
System—;
Spokane
^
Coupcil of
United
3,618
L
& Western
Lake Superior & Ishpeming
Forest products loading
<
-
on
15,010
Green Bay
in 1946.
International
the
Commerce, an¬
May 1 the election of
members to the
new
the
of
of
1,147
Chattanooga
Chicago & North Western
Livestock
of
Company
297
Chicago Great Western
cars
Electric
States Associates, all
being nationally known figures in
business,
industry and finance.
They join 61 members elected a
year ago.
Each of the 39 new
Winston-Salem Southbound
corresponding week in 1946.
Chairman
263
-
Macon, Dublin & Savannah
Mississippi Central.
Nashville,
39
3,978
27,459
nounced
740
4,417
_
but
increase of 12,305 cars above the
General
2,989
.
Reed,
and Chairman of the United States
305
Coast
grain products loading for the week of April 26
totaled 32 858 cars, a decrease of 726 cars below the preceding week
an
the
D.
623
Midland-—
Tennessee
alone, grain and
Philip
106
Grain and grain products loading
totaled 47,578 cars, a decrease
of 858 cars below the preceding week, but an increase of 14,482 cars
above the corresponding week in 1946.
In the Western Districts
^
281
1
Richmond, Fred. & Potomac
corresponding week in 1946, which included coal mine strike.
,
1,932
9,808
4,267
Central
Seaboard
Associates Council V
204
708
13,635
Western Carolina—
—
Southern
275
877
16,167
Southern—.
Piedmont
b<4ow t^e. ^receding week, but an
1940
1,005
System
Louisville & Nashville
-
1947
15,104
]
& Florida.
Norfolk
—-Connections-*
400
Northern.
Line
15
Elect Members of U. S.
Received from
-
1945
2,166
&
Illinois
•
Freight Loaded——
1947
Georgia
East
Georgia
Total Revenues
!
,
•-—I—„
.
Gulf Mobile & Ohio
184,159 cars, a decrease of 1,574 cars
increase of 152.913 cars above the
loading amounted io
P.—W.
Coast
of
Georgia
Loading of merchandise less than carload freight totaled 125,832
cars, a decrease of 624 cars below the preceding week, and a decrease
Coal
W.
Gainesville
;
cars
&
Florida
freight loading totaled 389,949 cars, an increase
of 6 507 cars above the preceding week, and an increase of 14,995
cars above the corresponding week in 1946.
1
3,202
AtL
Durham
Miscellaneous
of
/'
Columbus & Greenville
3.2% above the preceding week.
or
cars
v.V
.
Clinchfield
•
Loading of revenue freight for the week of April 26
27,930
i.
V
Tennessee
Charleston &
May 1.
on
Alabama,
Central
totaled 893,776 cars,
«
\
T.. -....Tj
Southern District-
Atlantic
26, 1947
Loading of revenue freight for the week ended April
Railroads
.
;4
(2539)
Total Loads
&
Y., Susquehanna &
•
3,253
255
'1,060
Western
1,038
1,056
2,770
6,268
6,969
14,477
11,174
441
369
518
1,412
6,785
6,347
8,424
9,809
2,853
7,014
6,078
5,285
7,401
5,295
Pittsburg & Shawmut
1,189
116
816
37
32
134
286
11
§Strike.
liAbandoned.
the
week's figure.
♦"'Previous
917
219
1,155
2,607
1,855
Rutland
405
419
395
1,278
Shawmut
Wabash
&
6,035
6,502
6,858
11,579
6,238
4,392
3.102
172,994,
141,852
167,872
211,976
153,605
district—
Allegheny
Baltimore
Bessemer
Cambria
Ohio
&
& Lake Erie—-—
1,017
25,464
48,271
23,466
20,520
853
6,865
to
Trade
Barometer
of
New Jersey
Cornwall
Cumberland
&: Pennsylvania—;
Llgonier Valley
Long Island
Penn-Reading Seashore Lines
Pennsylvania System
Reading
Co
Union
(Pittsburgh)
1,658
10
15,939
12,28'3
371
533
78
28
23
19,196
4,818
Maryland
170
7
-
of
this
Association
industry, and its program includes
the
activity of the mill based
are
-
STATISTICAL REPORT—ORDERS,
Received
1947—Week Ended
14
Tons
Pocahontas
&
District—
i
.
j
.
Ohio
Norfolk & Western
;
15
10
Feb.
1
4,233
4,748
Feb.
8
1,698
62,088
1,973
1,815
Feb. 15
92,249
59,509
1,956
43,298
147,458
16,318
16,283
25,825
1
22,291
7,271
192,670
Mar.
8
2,256
4,325
11,670
16,356
1,709
7,033
Mar.
8',492
237,292 1
,9/i ,''•'.v!
.
n.Y'jv
204,033
Feb. 22
7,381
5,304
5,224
Virginian
8,658
22,161
593
4,751
1,960
30.019 V
3
•
67,436
15,510
-
56,931
25,337
15,373
179,347
Remaining
Tons
579,562
Percent of Activity
Current Cumulative
week
new
2.6%
orders
of
mills
these
below production. Un¬
files of the reporting
filled order
mills amounted to 76%
of stocks.
production
102
at
the
current
rate, and gross stocks are equiva¬
lent to 33 days' production.
99
For the
1
year-to-date, shipments
reporting identical mills, were
181,017
599,009
104
99
178,458
589,544
102
100
177,282
,565,571
103
100
10.7%
181,709
574,856
102
101
were
101
Compared to the average
responding week of 1935-39,
duction
of
reporting mills
15.2%
above;
shipments
were
8.9%
4.0%
163,207
179,025
614,471
102
179,819
595,648
104
574,090
103
.
of
101
101
160,450
180,729
549,774
102
228,306
139,487
181,064
597,373
102
165,902
569,809
96
101
170,806
177,478
560.739
102
101
153,415
180,227
534,297
100
101
12
19-
Apr.
26
NOTES—Unfilled
not
4.4%
week
the
ending April 26, 1947. In the same
days'
Unfilled Orders
5
renorts.
for
reporting softwood mills, un¬
filled orders are equivalent to 27
Mar. 29
do
Total
These
PRODUCTION, MILL ACTIVITY
176,918
Mar. -15
1,411
J
operated.
production
Lumber
were
169,624
;
Apr.
mo
15,996
6,536
time
National
202,189
__
Apr.
Apr.
; 37,360
i.24,852
—
the
Production
Tons
98
109,607
figure which indi¬
were
on
Orders
Period
1,997
163,455
a
above
the
For
0
204,239
total
advanced to equal 100%, so that they represent the total
1,502
126,103
the
of
statement each week from each
production, and also
Mar. 22
190,958
a
83%
represent
industry.
5
6,777
82
1,358
1,894
88,655
15,265
Total
Chesapeake
3
6,355
301
Indiana—
members
member of the orders and
630
2,301
1,311
6,818
366
&
Central RR.
Western
1,316
6,394
—
.
749
43,823
—
682
Association,
porting
The
figures
672
Canton & Youngstown
Manufacturers
paperboard industry.
cates
Akron,
ber
lumber shipments of 415 mills re¬
9,781
2,681
.
—T.
,
»,
6,550
—
Wheeling & Lake Erie
Total
,
According to the National Lum¬
give herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the
1,039
Pittsburg,
of
Weekly Lumber Shipments
4.4% in Excess of Output
100
U
Northern
Pittsburgh & West Virginia
We
amount
year's figures revised.
Weekly Statistics of Paperboard Industry
1,320
Pittsburgh & Lake Erie
fere
Marquette
Ry.
NOTE—Previous
2,248
7,852
—
Ada-Atoka
L
orders
for the
prior week,
100
'
*
102
.
plus orders received, less production
necessarily equal the unfilled orders at the close. Compensation for delinquent
ord^« mart<« for or filled from stock, end other items made
necessary adjust¬
ments of unfilled orders.
above
14.8%
above;
above.
-
production;
orders
above production*
orders
to
Compared
were
the
cor¬
pro¬
was
corre¬
sponding week in 1946, production
mills was 3.1% above;
shipments were 2.5% below; and
of reporting
new
orders
were
4.2% below.
THE
16
(2540)
Thursday, May 8,' 1947
COMMERCIAL & FINANCIAL CHRONICLE
shares
ratio
of
Trenton, N. J., increased its cap¬
share
of $100
April 18 from $200,000 to
them
$225,000 by a stock dividend of
$25,000
and from
$225,000 to
$300,000 by the sale of $75,000 of
new stock.
Advices to this effect
were
contained in the April 28
"Bulletin" issued by the Office of
Bank
The Security
ital
Items About
,
Trust
Companies
r<-
on
the
'City
al
Dominick was
director
a
Dominick
Mr.
York on
New
of
Bank
Gayer G.
May' 6,
elected
was
of the Bank.
born in New
City in 1887, attended St.
Paul's School, and was graduated
York
1909, when he joined
theT firm of Dominick & Domin¬
On
became
Jan. 1 of
a
limited
this year he
partner.
He
number of terms as a
Governor of the New York Stock
Exchange, i He
is President,, of
Roosevelt Hospital. He is also a
seryed a
'
of the Fidelity
director
and the
Corporation.
Share
Oil
Co.,
and Cas¬
and
Bond
National
Co.,
ualty
'
Shell Union
The Bankers Trust
Company of
York, it is announced is to
establish its 57th S.treet office,
New
now
at Madison Avenue
in
Street,
and 57th
the new 21-story and
air-conditioned
penthouse
office
building at 445 Park Avenue. This
structure occupies the entire east¬
erly block front on Park Avenue
from 56th to 57th Street, and has
just been completed by theTishman
Realty & Construction Co., own¬
er
and builder.
transaction
the
1
by Norman
ident of the
the
to
pany
was
of Sharon, Pa.,
bank
elected President of the
April 30 to succeed the late
Harry
B.
McDowell.
Advices
from
Sharon
to the
Pittsburgh
on
"Post
ly performed by the trust com¬
pany.
feet
-
Gazette"
reporting
this,
as
of St. Louis, an¬
nounced on April 25 the election
of William H. Luyties, President
since
Mr.
Evans, a former Presi¬
Pennsylvania Bank-
dent of the
}
Association,
ers
Tarentum.
with the
He
was
was
born in
connected
Union Trust Company
Trust Company,
and
and a Vice-
in March, 1929,
the Man¬
Pittsburgh
the Company on
Paterson,
Assistant
Cashier of the National
Shawmut
George.
dent
Fj, Abbot Goodhue, President of
Manhattan Com¬
M.
Souther Califor¬
development and
the flow of new capital into the
Lios Angeles area is the increase
in
new
trust business obtained
Feb. 21, 1947, to
and
Horace
Founder
A.
>
office,
B.
the
resignation
William
on
Dunkel
Vice-President,
Vice-President.
charge of the Bank's busi¬
in
the
Southeastern and
Southwestern States; William R.
Driver, Jr., Vice-President, has
been
placed in charge
of the
i:
April
as
21,
of
Executive
of
These two to¬
"other securities."
gether show an increase of $4,435,-
The total of "other secu¬
larger than it has been
period.
rities"
since
is
Dec.
31, 1940.
decline
However, there is a net
.
of
of
the
of
Anniversary
60th
The
riod
better Port¬
adds:
The bank
"Known
six-months pe¬
.$2,773,067,000. Deposits de¬
clined $3,133,771,000. This decline
was
due
entirely to the with¬
drawal of government war de¬
posits. In the meantime, capital
clined during the
hard at work plan¬
were
in
those
days
Portland Trust Company
Capital increased
Surplus
increased
$176,188,000 and undivided profits
funds increased.
as the
of Ore¬
$68,114,000.
this bank had as its primary
the safekeeping of de¬
gon,
and reserves
functions
This
and other
securities, serving as trustee and
as
agent for real estate manage¬
ment, sales and purchases.
The
authorized capital stock was $60,000."
Through
the years the
bank
points out, it has added
many services in
its continuous
effort
to serve the
community
posits of money, bonds
The
increase of
$279,289,000*
edition of the;
Bankers Directory
encouraging improve¬
1947
first
indicates an
ment in bank earnings.
also shows that
This issue
there are now 82£
of over $25,-
banks with resources
000,000 each. There axe 3,1167 with
resources between $5,000,1)00 and
$25,000,000; 8,160 with $1,000,000
to $5,000,000; 1,919 with $500,000
to $1,000,000 ; 528 with $250,000 to
$500,000; and 171 with resources:
Barclays Bank (Dominion, Col¬
and Overseas) announces
effective May 1, of
under
Crossley as Cairman of
Board of Directors. Mr. Cross-
Julian S.
the
an
funds of
Rand McNally
onial
election
increased $34,987,000.
represents
total capital
better.
the
bank assets de¬
The total of all
Portland, Oregon,
ning for a bigger and
land of the future."
Kansas
assets.
earning potential of bank
occurred on
April 22. At its formation in 1887,
says the bank, "business and civic
of
which adds to the
centage level,
the
Savings Bank,
$250,000.
National banks*.
banks, 137 private
banks, and 98 other banking in¬
stitutions. This is a total of 14,84S
There are 5,017
9,593
ley succeeds Sir William Goodenough, Bart, who was recently
appointed Chairman of Barclays
Bank
Ltd.
after the death in
January last of Edwin Fisher.
State
banks in the
have
ABA Announces Dates
fices
a
United States at the
1947.
of
beginning
These banks
of¬
total of 4,308 branch
so,
banking
there are 19,153
Offices to serve
American business.,
For Trust Conferences
j ii<
,„/ Dates an<jl places ,for two of the
regular annual trust conferences
held each year by the Trust Di¬
vision of the American Bankers
Donovan President
—:
■
Boston
Chapter of AIB '
'
Joseph T. Donovan, Vice-Presi-*were,»■announced on
April 25 by Evans Woollen, Jr., dent and Cashier of the National
President of the Division, who is
Rockland Bank of BOston, was ora
President of the Fletcher Trust
transferred to the trust com¬ Company, Indianapolis, Ind. One April 25 elected President Of, Bos¬
pany but continued as a Direct¬
of these, Pacific Coast and Rocky ton Chapter, Inc. of the America**
or of the Commercial National
Mountain States
Trust Confer¬ Institute of Banking at the 37th
bank and a member of its dis¬ ence,' will be held in San Fran¬
annual meeting of the chapter*.
count committee.
cisco
at the St. Francis Hotel,
The Institute is the educational
Mr. Woollen stated.
Under the terms of the con¬ Oct. 22-24,
Association
.
will
turn
the
over
trust
to
the
company
bank
a
other,
The
According to the weekly "Bulle¬
of the Office of the Comp¬
the Peo¬
the
Trust Conference
capital of the bank, in¬
creasing it to $850,000. Ancrther
tin"
troller of the Currency,
Mid-Continent
in¬
sum
not less than $280,000 in stitutions and trust men in the
Middle West, will be held in Chi¬
excess of its liabilities.
Of this
Nov. 6-7, at the Drake
amount, $100,000 will be added cago,
solidation
$100,000 will be added to the
surplus, increasing that figure
from $450,000 to $550,000.
The
remainder will be added to the
nies
for the trust
Hotel.
to
Eng¬ ples National Bank & Trust Com¬
land
States;
Curtiss C. Grove, pany, of Irvington, N. J., increased
Vice-President, has been placed its capital on April 22 from $150,in charge of the Bank's business 000 to $200,000 by the sale of $50;•; ;
«/51
in the Middle Atlantic States, New 000.'ofmewistock, i •/ e ' )
economic
Portland Trust and
with the Commer¬
cial National bank of Kansas City,
Kansas, under the latter's name,
was
announced on April 28, ac¬
According to the Newark "Eve¬
has announced that the na¬
business of the 40 Wall
Bank's business in the New
increase
an
bank holdings of
until
Trust Company
Leslie Coleman,
in
of
Reflective
nia's
leaders
Consolidation
ning News" of April 23 Arthur B.
Irwin, Cashier of Union National
outside of Metro¬
Bank, of Newark N. J., has been
politan New York, has been re¬ named Acting Executive Vicegrouped into five divisions under President of the bank following
ness
large
noted.
is
edition of the Directory
indicates
$254,608,000 in
member of the bank's
it
.
the Bank of the
is
1930,
31,
that
been
not
Dec.
new
also
Loan
263,000 in the high-earning assets
in banks
during the six-month
A. Eastwood who
was
elected
Chairman
of the
Board of Directors of Armour at
the same meeting.
Park Avenue
57th Street.
The
the; supervision of Graham
Blaine, Vice-President.
a
Com¬
Pharmacal
The
of Directors.
Board
January, 1932.
Moses, on April 22.
Street
Luyties
as
pany,
succeed George
on
;
tional
the
of
have
totals
bank
of
total
$36,150,097,000.
he joined
the McDowell bank in 1927. H.
B. McDowell, Jr., Assistant to
the President was elected a Di¬
of
Manhattan Com¬
hattan Company in
transactions.
pany,
the
shows
loans
.
{1
the six months
between June 30, 1946 and Dec.
31, 1946, according to the first
1947 issue of Rand McNally Bank¬
ers
Directory—the Blue Book—
Directors
Mercantile-Commerce
than
Bank loans increased more
$4,000,000,000 in
of the
Bank and
of
Board
The
Borrowing
Than for Many Years
admin¬
estates, wills,
living trusts, guardianships and
other fiduciary services former¬
Bank, of Boston Mass., has been
elected Cashier, according to an
by 90
announcement by Walter S. Buckfeet on
trans¬
cording to the Kansas City "Star,"
lin, President, on April 30.
action was negotiated b,y John J.
which states that the bank is 50
This is learned from the Boston
Reynolds. ,White & Case, attor¬
years old, and the trust company,
"Herald" of May 1 which further
neys, represented Bankers Trust
which has been operated largely
said that Mr. Paterson first joined
and Reuben Tally acted for the
by
the
same
personnel, was
the Shawmut Bank in 1917 as a
Tishman
Company.
S h r e v e,
formed in 1906. The "Star" fur¬
teller
and
served as Assistant
Lamb & Harmon, architects, have
ther reported in part:
Branch
Manager
and Assistant
been
retained to prepare plans
It has always been closely af¬
Cashier
before
his election as
for the new banking quarters.
filiated
with the
Commercial
Cashier. He succeeds Stanley P.
The 57th Street office of Bank¬
National
bank
and
occupied
ers
Trust has been located for Wyatt, who has retired after 45
quarters in the same building.
years service with the bank.
Mr.
many years at the northwest cor¬
With the exception of one di¬
Paterson
is a member
of the
ner of Madison Avenue and 57th
rector, the Board of Directors
Bank Officers Association and the
Street, which space is to be va¬
of the trust company will be¬
Bank Cashiers Association.
cated when the newly acquired
come a part of the personnel of
Mr. Wyatt, who retires as Cash¬
quarters are ready for occupancy.
the bank.
ier of the Shawmut Bank began
Bankers Trust
Company, which
The consolidation becomes ef¬
has its main office
at 16 Wall his banking career as an Assist¬
fective Thursday [May 1].
It
Street, has a Fifth Avenue office ant Paying Teller with the Na¬
was approved yesterday by the
at 527 Fifth Avenue at the cor- tional Exchange Bank, which was
Comptroller of the Currency in
ner of 44th Street, a Rockefeller merged with the Shawmut Bank
Washington.
<
'•
During his banking ca¬
Center office at 51st Street and in 1906.
The exception is Frank Desaid the Boston "Herald,"
the Plaza, and a London office at reer,
26 Old Broad Street.
The report he was actively interested in the
Coursey, who is a Director of
Institute of Blinking,
another bank in Kansas City,
of its President, S. Sloan Colt, in¬ American
Boston
National Bank
Cashiers
dicated assets on Dec. 31, 1946 of
Kansas, and cannot legally serve
as Director of two banks simul¬
$1,565,163,448. Mr. Colt's report Association, and Bank Officers
Association,
having
served
as
taneously. He will continue to
emphasized the marked increase
hold his stock in the Commer¬
in the volume of business han¬ President of the latter organiza¬
cial National bank however.
dled by the Company, evidenced tion. He is a member of the cor¬
by the loans, pension trusts, in¬ poration of the Medford Savings
W. H. Guild, who has been in
vestment advisory service, per¬ Bank and on the advisory coun¬
charge of the trust company as
sonal service checking accounts, cil of Nichols College.
Secretary-Treasurer,
will
be¬
foreign exchange and commercial
come
Vice-President and Trust
letters of credit, transfer and div¬
Officer of the Commercial Na¬
The
West
Springfield
Trust
idend paying work, and especially
tional bank.
Mr. Guild joined
Company, of Springfield, Mass.,
in the corporate trust and agency
the bank in 1926. He was soon
announces the death of its Presi¬
85
More Bank
added:
Vice-President of
President of the Bank of
including the entire 57th Street
side of the building, measuring
,
a
the International
in the
Park Aven¬
corner
$10 par.
all
of
istration
entrance
the 57th Street
are
held by
company.
$4,895,334,000 in total earning
during the first quarter of 1947 assets, but this decline, it is noted,
is due to a decrease in holding of
by California Trust Company, ac¬
Mr. Blaine is a director of Bur¬
cording to Frank H. Schmidt, Ex¬ government securities amounting
lington Mills and General Public
ecutive Vice-President, who said: to $9,330,597,000.
This decline is
Service Corporation. He attended
rector.
''Our first quarter's new trust in the category of the lowest earn¬
St.
George's
School,
Newport,
business was 172% ahead of the ing rates of all bank assets.
R. I. and graduated from Harvard
The amount cf cash in banks
The election
of Frederick W. first quarter last year with new
College in 1917.
He served in
continues to increase. As of Dec.
World War I as a Second Lienten- Specht, President of Armour & business in March 75% above the
Co., as a director of The Ameri¬ March 1946 total. This increased 31, 1946, the Directory reveals,
ant in the Infantry from August,
National
Bank
and
Trust use of trust company facilities is there was $1,996,063,000 more in
1917 to February, 1919. From 1919 can
of
Chicago, is
an¬ due, in great measure, to the cash than six months previously.
to 1922 he was associated with the Company,
by Lawrence F. Stern, growth of population and indus¬ However, on Dec. 31, 1945, the
American Agricultural Chemical nounced
trial expansion which has taken cash held in banks was even more
Co., Boston; from 1922 to 1927 he President of the bank. Mr. Specht,
Deposits
was
a
Vice-President of Kidder, who was born in New Jersey, place in the Los Angeles area." than on Dec. 31, 1946.
the
Springfield,
Mass. The ^company's new business in and total assets have both fallen
Peabody & Co. and the Kidder, joined
off during the six-months period,
Peabody Acceptance Corporation, branch of Armour & Co. in 1910. 1946 'was the highest in 15 years,
which shows that loans and other
Boston.
In September, 1927, Mr. He was elected a Vice-President it is stated.
securities are at a higher per¬
Blaine
joined the International in 1936 and became President of
Tishman
center of the block on
ue
Evans, Vice-President
the McDow¬
ell National Bank,
of
Tishman, Vice-Pres¬ dent, became
main
H.
John
and Trust Officer of
Announcement of
made on
May Acceptance Bank as a Vice-Presi¬
Company,
reveals that the Trust Company
has leased for a 21-year term, all
the
store
and basement
space,
from
trust
which
the Metropolitan
area), Pennsylvania and Ohio, as
well as the City of Detroit, Mich¬
igan; Robert M. McCulloch, VicePresident,
has been placed in
charge of the Bank's business in
Chicago and the surrounding Mid¬
dle
Western States of Indiana,Michigan, Illinois, Wisconsin, Min¬
nesota, North Dakota,
South
Dakota, Iowa and Nebraska.
exception
from Yale in
ick,
shares
each
for
par now
the
Jersey, Delaware,
regular meeting of the
Boaifd of Directors of The Nation¬
At
10
in
The bank will assume
Comptroller of the Currency.
the
Maryland, Dis¬
trict of Columbia, Virginia and
West Virginia, Kentucky and Ten¬
nessee; John H. L. Janson, VicePresident,
has been placed
in
charge of the Bank's business in
the State of New York (with the
National Bank,, of
the
undivided profits of the bank.
present
Association. The Boston "Herald,IVs
from
which
Other
coming
we
quote,
officers
year
also saidr
include
the-
for
elected
W..
Carl
Associated Trust Compa¬ Trempf, of the First National
of Central California will be Bank of
Boston, First Vice-Presi¬
The
at
host
Rocky
ence,
the Pacific Coast and
dent; Herbert C, Matson, of the
Mountain - States Confer¬
and
itli^ Corporate ' Fiduci¬
^ssp4a®n^qiiCHtcago will
host
at
|iihe^ CMid«Continent
aries
stockholders of
be
ithe trust company will be is.3toust Conference.
$Ued'.lstock iihjthe $at)l$
;th§.
The
division of the American Bankers
•
National
Shawmut Bank, Second
Vice-President;
and Frederic W-
Harrington, of the Fiduciary Trust
Co.,(Treasurer,
i,
f.-x*
\r
i
@FedFRASER